City of Roswell
Georgia

Agenda Item

Approval of a Resolution for the Mayor and/or Interim City Administrator to sign a Purchase and Sales Agreement authorizing the purchase of certain property on Holcomb Bridge Road known as the "Shirley Property" at a purchase price not to exceed $2,100,000.

Information

Department:City Attorney's ReportSponsors:
Category:Resolution - Purchase PropertyMeeting Groups:Mayor and Council

Report Body

Item Summary:

This Resolution authorizes the city to purchase certain property on Holcomb Bridge Road known as the "Shirley Property" containing approximately 34.370 acres and to execute the contract and other necessary documents to acquire the property at a purchase price not to exceed $2,100,000 plus taxes and customary costs of closing. The owner has also agreed to make a charitable contribution to the City of Roswell of approximately 13 acres of the property.

 

Committee or Staff Recommendation:

N/A

 

Financial Impact:

The City will finance the purchase of the property through a Georgia Environmental Finance Authority (GEFA) Land Conservation Program loan.  The loan application has been submitted and is pending review and approval by GEFA.  The term of the loan is ten years with an interest rate of 0.50%.  Annual debt service on this purchase is estimated at $215,337 and would be funded through the General Fund.  The final amount will be determined upon GEFA approval and Mayor and Council acceptance of the loan.

 

Presented by:

David Davidson, City Attorney