Timber Springs Layoffs - KTRE.com | Lufkin and Nacogdoches, Texas

Timber Springs Layoffs

NACOGDOCHES, TX (KTRE) - Two staff members who were promoting the proposed retirement community, Timber Springs in Nacogdoches are laid off. They were let go today by the management company, Wind River in Duncanville. Just last month the board of directors announced, but wouldn't disclose the name of a nationally known company willing to finance, construct and develop the independent living facility. Previously a spokesperson said a downturn in the economy is delaying the plans.

Financing is affecting the future of Timber Springs according to board chair Jerry Holbert. "Foreign investors won't leverage debt for the project," he explained. The investors were linked with the American firm that signed a letter of intent last month. Holbert says it's necessary to cutback on expenses as other opportunities are explored. Holbert says two potential investors are already lined up. Despite the setback, Holbert says 55 people are holding a spot with deposits. Holbert says, "That faith in the project speaks volumes to any investor."

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