DAFC okays bond package for The Spires at Berry College

Berry College counsel Danny Price (left) speaks to the Development Authority of Floyd County about the $135 million bond package for The Spires at Berry College. DAFC Chairman Charles Stevens amd Mark Bewster are seated at the table. / Doug Walker

The Development Authority of Floyd County approved a pair of bond packages Wednesday totaling up to $135 million for The Spires at Berry College continuing care retirement community.  Ground for the 170-unit community was broken earlier this month and the first units are slated to come online in 2020.

A longer term, fixed-rate package authorizing as much as $95 million will be part of the overall financial package with a short-term variable rate package of up to $40 million will provide some of the initial funding which will be repaid on an accelerate time schedule.