St. Johns Industrial Development Authority to issue bonds for development project
The St. Johns County Industrial Development Authority will issue up to $30 million in industrial revenue bonds to support the expansion of Life Care Ponte Vedra/Vicar’s Landing, according to a county media release.
The bond funding will be used for the development of the second phase of Vicar’s Landing at Oak Bridge, which includes construction of an apartment building with 33 independent living units. Vicar’s Landing was established in 1983 and provides continuing retirement care for the community, according to the release.
“The IDA has supported Vicar’s Landing and its projects since the 1980s,” said IDA chair Melissa Churchwell in the release. “It’s wonderful to see the continued success of Vicar’s Landing here in St. Johns County.”
The Industrial Development Authority provides tax-exempt bond funding for manufacturing facilities and other eligible capital projects in St. Johns County, according to the release. Since its creation in 1980, the IDA has approved more than $1.3 billion in bonds to support local projects.
Vicar’s Landing CEO Bruce Jones said the financial support will help continue the development of the organization’s campus.
“For 35 years, Vicar’s Landing has provided exceptional service to older adults in the heart of Ponte Vedra Beach and we are pleased to continue that legacy of excellence,” he said in the release. “We are excited to finance our second phase through a bond issuance with the St. Johns County IDA.”