City leaders will consider whether to support issuing $15.5 million in bonds to help finance the construction of a proposed affordable assisted living facility on an east side site that held the Bartholomew County Annex until its December 2015 razing.
The proposal by Vivera Senior Living of Columbus LLC and JLB Columbus GP LLC for 1971 State St., will come up twice Tuesday:
- 11 a.m. before the Economic Development Commission in Conference Room 3 at Columbus City Hall. The commission will provide a recommendation to the Columbus City Council about issuing the bonds.
- The council will consider a resolution during its 6 p.m. meeting that would acknowledge the city supports issuing revenue bonds for the development.
The project calls for a four-story, 114-unit complex on the property, said Robin Hilber community development programs coordinator with the city. Hilber said Marian Development, based in Louisville, Kentucky, approached Columbus about a year ago seeking bonds for the project.
Marian Development created JLB Columbus GP LLC, which would bring 52 efficiency units and 62 one-bedroom units.
The revenue bonds, which are currently in the city’s name, and are being sought by Marian Development because of the city’s tax-exempt status, Hilber said. The city would not incur any liability once the bonds are purchased, she said.
For more on this story, see Tuesday’s Republic.
