The Development Authority of Bibb County got an update Tuesday on the progress toward bond financing for the development of loft apartments in downtown Macon.
Bibb County commissioners agreed in April to accept responsibility for $5 million in loans for the building project, but intergovernmental agreement has not yet been signed between Bibb County and the development authority, said attorney Chix Miller after the meeting.
“That is in the process of going through second and third drafts,” Miller said, adding that he anticipates it will be signed.
The next step would be the issuance of bonds and use of the proceeds for bridge loans, he said. Banks are requiring developers to come up with greater amounts to put down before making development loans, and with the funds from the bond banks would be more willing to loan money for projects.
According to a 2008 residential market study updated this year, Macon has the potential to add 1,175 new units in downtown during the next five years. Currently, downtown apartments stay between 90-95 percent occupied, according to the study.