The two-story building is being developed by Provident Group Creekside Properties LLC, an affiliate of Baton Rouge-based Provident Resources Group, a national nonprofit.
Steve Hicks, CEO of the national group, said the earliest the 55,000-square-foot building could open is 12 months from groundbreaking.
The Development Authority of Cobb County on Tuesday granted the firm an inducement resolution, which will allow investors to earn tax-exempt interest on the $12 million in bonds issued by a financial agency.
Development Authority attorney Dan McRae said the bond deal will allow the developer to potentially save several hundred thousand dollars.
Hicks said the one-bedroom units, which will average from 400 to 500 square feet of living space, will break down into 55 units for assisted living and 23 units for memory care.
The units will be available for rent, although the rates have not been set, Hicks said.
Board agrees to fund EDGE
In another matter Tuesday, Dan Styf, vice president of Piedmont WellStar Health Plan and co-chair of the Cobb Competitive Economic Development for a Growing Economy initiative, along with EDGE executive director Brooks Mathis, asked the Development Authority for a $100,000 contribution.
Previously, the Development Authority has paid the Cobb Chamber an annual $80,000 grant to help market the county. Now, it’s paying those funds to EDGE.
The authority’s board agreed to make a $75,000 contribution to EDGE. Board members such as Donna Rowe said EDGE officials could come back at the end of the board’s budget year in December to ask for another contribution. Board Chairman Clark Hungerford said he wanted EDGE staff to provide the board with quarterly reports on how the money was spent.
Mathis, who runs EDGE with a staff of five, said he’s raised $1.6 million to fund the five-year economic development strategy housed at the Cobb Chamber in the form of a 501(c)(3).