A city board on Wednesday approved $60 million in tax-exempt bonds for a 104-unit senior center on 39 acres on Mountain Creek Road.
The Health, Education and Housing Facilities Board voted 5-1 in favor after hearing from a number of citizens who expressed reservations.
Both the current District 1 City Council representative, Chip Henderson, and the past one, Deborah Scott, asked the board to look into the past history on the project.
Ms. Scott said the land had been stripped, and lay barren for many years as the prior condo project did not go forward.
John Lowrey of the firm that owns the property said the condo effort failed because the bank backing the project went bankrupt in 2008.
He said the group that is based in Oklahoma City has had a number of successful developments elsewhere.
Mr. Lowrey said the land will be sold to the non-profit Samaritan Housing Foundation. He said Summit Construction will build the four-plex and duplex units, and Access Management Company will manage it. Financing is by BB&T Bank.
Stan Brading of Samaritan Housing said, "We feel we are the solution to the problem. There is no chance of a partially developed project."
The development will include a clubhouse and fitness center. There will be health and wellness coaches and a nurse practitioner available.
Units will be 1,500 to 1,900 square feet with rents at about $3,000 per month..
Mr. Brading said there is a 12-month lease and a resident can leave after that if they are not happy.
The board was told that formerly those going into such a center were around age 68 and they might be expected to die by 72. Now the sign-up age is around 80 and the expected death age around 92.
The property now has taxes of $15,000 and that will go to $500,000, it was stated.
Attorney Lu Ann Smith said the group's pro forma is based on it continuing to pay taxes, though she said it could always apply for exemption from taxes if it later feels it qualifies.
The location is away from downtown and not eligible for a tax abatement or PILOT, officials said.