IDA closing on bond issue

Ashley Biles Associate Editor

November 7, 2013

After nearly seven months of working on the bond issue for Gordon Jensen Healthcare for the purchase of Providence Nursing Home, Thomaston-Upson Industrial Development Authority (TUIDA) Attorney Joel Bentley informed the board the bond should close by the end of this week. He noted several revisions made to the document and unsuccessful attempts to market the bonds this summer contributed to the delay, however, the company feels assured they will be successful in marketing the bond during the fall bond season. Typically, the bonds issued by the TUIDA are sold to a financial institution, but these bonds will be sold to a retail client list of Gordon Jensen Healthcare.

Providence Nursing Home currently employs around 90 people already and Gordon Jensen has plans to add more jobs, as well as renovate the building.

Executive Director Kyle Fletcher updated the board about several projects which are no longer active. Project Ski was a paper company who looked at possibly locating in the Clearwater Paper building, however the building did not suit the company’s needs, nor did any of the other available ones in town. Project Luck was closed by the state because the manufacturer merged with another company and therefore all plans had to be changed. Finally, Project Plastic had looked into the old Quad building, but it was not a suitable fit for the company.

However, she noted the TUIDA had been contacted by the state for Project Rule who is looking for a space to lease. Fletcher sent back suggestions for several buildings in the community and now the board will have to wait and see if any of those could potentially work.

Fletcher noted it was nice to get something on a new project in the midst of hearing all of the ones that did not work for one reason or the other and that it has been encouraging for Thomaston and Upson County to see a steady stream of projects come across the table.

The TUIDA is also in the process of discussing ideas for projects which could be placed on the next SPLOST if Economic Development is to be listed as a line item.

In other business, the board approved a spending level of $2,500 for Fletcher. This will give her the authority to sign off on that amount without having to bring each issue before the board.