Copperfield Village to expand with refinancing of parent company
Aug. 13, 2012 at 3:13 a.m.
A Victoria retirement community will soon see expansion following a refinancing of its parent company.
Victoria County Commissioners approved Monday a $24 million refinancing of Lutheran Social Services of the South, Inc., which owns Copperfield Village in Victoria.
County Judge Don Pozzi said the commissioners court approved the group's original bond in 2004.
"By law, they need approval of a local governing entity," Pozzi said.
According to a letter presented during Monday's meeting from the attorney representing the social services group, the group is proposing to finance the project by issuing up to $24 million in revenue bonds from projects in Victoria and six other cities.
Attorney Cliff Blount said he received no comments during a public hearing last week, and has not received any written comments.
Part of the bond money will be used to add 16 units to Copperfield Village. It currently has 70 units, Blount said.
Lutheran Social Services of the South could see an interest rate savings by using the bonds rather than borrowing through a conventional bank loan, according to the letter.
Commissioner Clint Ives said he supports the social services' request of a tax exempt bond, which will also refinance facilities in Austin, Brenham, Canyon Lake, Corpus Christi, Denton and Katy.
According to the letter, the bonds will have no effect on Victoria County.