A $75 million bond for a real estate development in Putnam County is in the hands of a Superior Court Judge in Greene County on Tuesday, Oct. 19.
According to a legal notice that has been running in local legal organs, a hearing is being held for a judge “to confirm and validate the issuance of … taxable revenue bonds … as part of the acquisition, construction, and installation of a 220,044-square-foot, four-story hotel and 49 Marriott-branded residences located in Putnam County being developed by The Len Lake Oconee.”
Owned by Josh and Lauren Sprayberry, The Len Resort at Lake Oconee is located on Collis Marina Road, off of Wards Chapel Road. A ceremonial groundbreaking was held there in September 2024 and clearing, grading, and other site preparation took place after that.
Tuesday’s court hearing is the case of the Lake Oconee Area Development Authority and Putnam County, Georgia. The LOADA officially formed in December 1994 as a statutory authority with the purpose of developing, promoting and expanding the general welfare, industry and trade within Greene and Putnam counties.
The LOADA consists of four members from Putnam County and four from Greene County. Each member serves five years.
The current members for Putnam County are Nick Marine, who serves as the LOADA vice chairman, Scott Joris, Barry Chambers, and William Vargo. The Greene County members are Terry Lawler, who serves as the chairman, Jontavious Smith, Becky Chronic, and Robert Lofgren, according to the Putnam County website.
There is no schedule, dates, times, or locations of meetings, and no agendas or minutes of meetings readily available online. Legally, a printed notice of a meeting may be posted on the door of the meeting location 24 hours in advance of the meeting. It is unknown by the newspaper if that has been the case.
According to the legal notice as well as documents provided anonymously to The Eatonton Messenger, the LOABA seeks to issue Master C-PACER Bonds and Series C-PACER Bonds. C-PACER Bonds are a Commercial Property Assessed Clean Energy and Resiliency financing program that enables commercial property owners and developers to finance construction to include energy efficiency, clean energy, water conservation and property resilience improvements.
According to the bond agreement documents provided to the newspaper, the final date of the C-PACER $75,000,000 bond maturity is Feb. 1, 2057, with the maximum annual principal and interest due not to exceed $8,000,000. Funds to repay the bonds would be collected by the Putnam County Tax Commissioner from the tax bills issued to owners of The Len property.
It is to be enacted immediately upon validation by the judge, according to the documents.
The court hearing is scheduled for 9 a.m. Oct. 19 in Greene County Superior Court.