A Superior Court hearing Monday to validate the issuance of taxable revenue bonds in Putnam County was continued until Nov. 12, according to a Greene County Clerk of Court spokesperson.
As previously reported by The Eatonton Messenger, the hearing involved the issuance of $75,000,000 Master C-PACER Bonds and Series C-PACER Bonds for the construction and installation of a 220,044 square foot, 4-story hotel and 49 Marriott branded residences at The Len Lake Oconee resort.
Funds to repay the bonds would be collected by the Putnam County Tax Commissioner from tax bills issued to The Len Lake Oconee owners Josh and Lauren Sprayberry.
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.
The bond agreement is a project of the Lake Oconee Area Development Authority and Putnam County, Georgia, according to court documents. The bonds must be validated by a Superior Court Judge, which was the purpose of the Monday, Oct. 19 hearing in Greene County Superior Court.