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Roswell approves $10 million PFA bond, Hill Street intergovernmental scope to acquire Spruill site and advance mixed‑use deal
Summary
City council approved a Public Facilities Authority revenue bond and an intergovernmental scope of work with the Downtown Development Authority to secure the Spruill property and advance the Hill Street mixed‑use project; council also approved a project IGA scope of work with the DDA and the project schedule.
The Roswell City Council on Aug. 11 unanimously approved a Public Facilities Authority (PFA) revenue bond and an intergovernmental scope of work that will let the city acquire the Spruill property and advance the Hill Street mixed‑use development.
The PFA previously approved issuance of a revenue bond and on Monday the council authorized the city’s side of an intergovernmental lease agreement that will provide the cash flow to service that debt. Chief Financial Officer Bill Gottschall told council the transaction will deliver roughly $10 million to the city for land acquisition, design and closing costs; the council approved the related lease resolution on a 6–0 vote after a motion by Councilmember Allen Sells and second by Councilmember…
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