PDA approves $18 million in bonds for GSW

The Americus-Sumter Payroll Development Authority appointed a new member to the Industrial Development Authority and voted to be the issuer of up to $18,000,000 in bonds to fund the construction of the new dorms at Georgia Southwestern State University at their Tuesday meeting.

The bonds, called Series 2009 Bonds, will be used to finance new student housing on the GSW campus. The dorms will consist of about 300 beds and 293 parking spaces.

Revenue made from the selling of the bonds will be given to GSW on a loan and the PDA will not be liable if the bonds fail. GSW will make scheduled payments to pay off the loan.

According to the bond resolution approved by the PDA, the loan agreement goes into effect on April 1, 2009 or the first day the bonds are issued.

Board member Jared Stevens was voted to replace Juanita Wilson on the IDA. Wilson resigned earlier this year to spend more time with her family and enjoy her retirement. The IDA will meet June 1. Wilson was also assistant secretary for the PDA and that vacancy was filled by Tracy Ector.

Aside from the business of the day, the members of the PDA were concerned with the current economy and how it is affecting Americus. Stevens said that many people ask him when jobs will be coming to Sumter County.

"Times are tough," said David Garriga. "The hardest and most important job right now is the keep the business that we have." Garriga said that he hopes people in the community understand that the PDA is working hard to create jobs, but it is not that easy. "We're a local group trying to stretch a little money a long way," he said.

He explained that it actually takes about two years to get a new company established in the community, from prospecting to building to hiring. He cited one of the biggest employers in Americus, Apollo Health Street, as an example. According to Garriga, from the time Apollo Health Street (formerly Integreo and Zavata) first became interested in building in Americus, it took over two years before it was built and the first employees were hired.

While the economic situation made the mood a bit more somber, Garriga said that there are still companies looking at Americus and Sumter County. He cited four businesses- a solar cells company, a business that deals in biofuels, a company that builds credit card machines and one specializing in aircraft parts- that have expressed interest in coming to Sumter County.