Chamblee DDA approves up to $6,000 for appraisals of Pierce properties to secure purchase loan
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Summary
The DDA authorized the chair to contract for appraisals, not to exceed $6,000, on three properties — two owned by the Pierce family and one DDA-owned parcel fronting Peachtree Road — to be pledged as collateral for a loan to purchase the Pierce properties.
The Chamblee Downtown Development Authority on Oct. 15 authorized its chair to contract for appraisals of three properties related to the planned purchase of two properties owned by the Pierce family, in an amount not to exceed $6,000.
The board added the appraisal item to the agenda earlier in the meeting and later approved the appraisal authorization unanimously. The appraisals are required by the lender to confirm that the combined value of the two Pierce properties and one additional DDA-owned parcel that fronts Peachtree Road will exceed the amount being loaned. The three properties will be pledged as collateral for the purchase loan.
The chair told the board the lender solicited four blind quotes for the appraisals; the quotes ranged from the low $4,000s to a little over $6,000. The lender recommended discarding the lowest quote and selecting the second‑lowest, which the chair said was slightly more than $5,000. The motion approved authorizes the chair to sign a contract for the appraisals in an amount not to exceed $6,000.
Board discussion confirmed the appraisal scope covers the two Pierce properties and the adjacent DDA‑owned property on Peachtree Road. The motion to authorize the chair to approve the appraisals was made, seconded, and recorded by the chair as passing unanimously. The board did not provide a detailed vendor selection in the transcript; staff indicated they would proceed under the $6,000 cap and follow the lender’s recommendation.
No public comment was recorded on the appraisal item at the Oct. 15 meeting.