Agenda - 06-01-1992 - Laserfiche WebLink

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The Chapel Hill Newspapel May 10, 1991 ''Carol Woods Ito expand ►8y TOM PARKS Staff Writer j A three -year, $14 million expansion of Carol Woods Retirement Community will bring 40 new full-time jobs to southern Or- ange County, according to Carol Woods officials. John Diffey, executive director of Carol Woods, said Thursday the expansion in- . dudes 50 one - and two- bedroom apart- ments, an auditorium, a swimming pool and a health center. "This is the kind of development that Chapel Hill seeks," Diffey told members of the Orange County Economic Develop- ment Commission. Commissioners hear aboutnew developments in the county at i their monthly meetings. Carol Woods was built 11 years ago on 120 acres north of Weaver Dairy Road. It is one of the-1.0 largest non - governmental em- ployers in the county and is a nonprofit i agency. i After the expansion, 40 acres will remain unused. About 330 people live there now. There will be room for 450 after the expansion. Al- most half of the additional spaces have been reserved already, according to Diffey. The expansion was driven by a long wait- ing list at Carol Woods, said James Cansler, chairman of the retirement community's board of directors. It can take between three and five years to get a spot at Carol Woods. Also, the number of older people in Or- ange County is growing, he said. According .to the Orange County Department on Ag- ing, more than one in five people who live in Orange County are older than 50. Meanwhile, similar retirement commun- ities are being built or planned in Burling- ton, Cary, Raleigh and Durham, Cansler said. Carol Woods had to grow to stay com- petitive, he said. The expansion is being financed through the sale of $25.9 million in tax -free bonds handled by the Bank of Scotland. The bond sale covered the cost of expansion and a re- financing of Carol Woods original debt: Construction on the 50 apartments has al- ready begun. They will be ready for occu- pancy in spring of 1992. A couple moving into one of the two - bedroom apartments would pay an entry fee of about $156,00, Diffey said.