The Powder Springs Development Authority was given approval Monday by the Powder Springs City Council to issue $49 million in bonds for a new senior citizens rental facility.
PS Senior Living LLC will use the tax-exempt funds to finance the acquisition, construction, installation, furnishing and equipping of a multi-family housing rental development for senior residents at 4900 and 4950 Richard D. Sailors Parkway.
These bonds will not be paid from city or county taxes but by the authority from amounts to be paid or provided by PS Senior Living.
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