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Development authority presents Terraces refinancing; board to vote April 22
Summary
The Development Authority presented a TEFRA hearing summary for refinancing The Terraces (316 units); the project would set 20% of units for workforce housing (50% AMI), is conduit financing and does not create county financial obligations; the board will vote on a resolution at the next meeting.
John Nicks, representing the Development Authority of Rockdale County, briefed the board on the Terraces of Fieldstone refinancing and explained the TEFRA public‑hearing requirement for tax‑exempt bond financing for nonprofit borrowers.
Nicks said the TEFRA hearing was held at the Chamber office, was open 15 minutes and drew no public speakers. He described the project as a 316‑unit multifamily complex near Ellington Road, and said 20% of the units would be designated for workforce housing at 50% of area median income. Nicks emphasized the financing structure is conduit financing for a nonprofit borrower and is not a tax abatement; he told commissioners the arrangement imposes "no resulting financial obligation on the County whatsoever." The board heard the presentation and staff clarified the board will be asked to approve a resolution at the April 22 meeting.
Why it matters: the refinancing enables tax‑exempt financing for a large multifamily project that includes a workforce housing set‑aside; committee approval is required as part of the financing process, but the county will not incur direct financial liability, according to the Development Authority representative.
Next steps: the board is expected to vote on the related resolution at its next meeting (April 22).
