The Augusta City Council on Dec. 15 approved Ordinance No. 2259 authorizing the issuance of taxable industrial revenue bonds, series 2025, for Country Club Towers LLC in the aggregate principal amount of $5,755,746.14 to finance acquisition, renovation, construction and equipment of a residential apartment facility.

City staff presented an updated cost-benefit analysis and said the revised benefit-cost ratio is 2.21, meaning the city expects roughly $2.21 in public benefit for every $1.00 of incentive offered. The council held the required public hearing; no members of the public offered comments.

Kevin, who walked the council through the transaction documents, described the tax-abatement arrangement: the company will make a payment-in-lieu-of-taxes equal to what the property previously paid in taxes, totaling $21,085 per year and payable for 10 years, treated like a tax payment and apportioned by the county among taxing jurisdictions.

A council member moved to approve the ordinance and the motion carried on a roll-call vote called by staff; council members voted in favor. Council did not record any abstentions or recusals in the meeting record.

What happens next: city staff said the transaction requires documentation and typical closing steps; council members were told the city aims to complete the necessary filings and administrative closing tasks in the near term. The council’s action authorizes the city to execute bond, lease and PILOT documents needed to proceed.

(Authority: Ordinance No. 2259; city staff presentation and cost-benefit analysis.)