Friday, June 16, 2017

Morningstar to Float $34 MM GPA Bond for 48 Residences

Morningstar Senior Living, once known as Moravian  Hall Square, received permission from Northampton County Council last night to float a bond for as much as $34 million through the County's General Purpose Authority (GPA). The proceeds will be used to construct 48 independent living residences at its Upper Nazareth Township campus. These will be tax exempt, but the County shall in no way be liable for repayment in the event of default.

Ken Kraft was dubious. He questioned spending as much as $34 million for 48 residences. But his real concern was whether it would be built using local labor and at prevailing wages. Though he received that assurance, he was still unconvinced and was the sole Council member to vote No.        

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