Commissioners authorize TEFRA hearing and housing‑authority bond role for Monarch at the Creek, conditioned on IGA about bond fee use

Developers and counsel asked the board to permit the Housing Authority of Newnan to act as conduit issuer for tax‑exempt revenue bonds to finance Monarch at the Creek, a proposed senior rental community. Bond counsel David Williams explained the bonds would be revenue bonds secured by project revenues and that the housing authority would receive a nominal fee for issuance work.

Commissioners asked whether the project had zoning approvals (it does) and whether the county would take on liability; counsel said the debt is the borrower’s liability and not the authority’s or county’s. Commissioners debated whether consent should be conditioned on an intergovernmental agreement that would specify how any housing authority fees would be used (the board expressed interest in exploring shared benefits with local affordable‑housing programs). The board approved authorization for the housing authority to issue bonds and authorized counsel to proceed with the TEFRA hearing process conditioned upon an acceptable agreement with the housing authority regarding the use of closing fees and related matters.