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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 William Mortland.
City officials and the Downtown Development Authority (DDA) also presented and the council approved a project intergovernmental scope of work (Scope of Work No. 2) under a previously adopted master services agreement. Under that scope the DDA will receive ground lease receipts from the Hill Street project (the city keeps the majority of those receipts, with a $15,000 annual administrative fee to the DDA and a 3% escalator). The land-exchange framework approved earlier this year remains part of the timetable: project documents, developer selections and other milestones are in place with an objective to close development agreements by Oct. 15, 2025, and commence construction later in the year or early 2026.
Gottschall outlined financing terms the city negotiated: Webster Bank submitted the winning financing proposal for a 20‑year structure with annual debt service of roughly $770,000 and prepayment flexibility beginning in 2029. First principal and interest payments are not due until Sept. 1, 2026, and the bond validation process with Fulton County court is planned before the expected mid‑September closing.
Economic development staff and Senior Vice President Jeff Leatherman described the Hill Street plan as a mixed‑use transaction that pairs city‑owned land with private development, a ground‑lease income stream and the possibility of future sale participation. Leatherman said the Hill Street deal is an example of the city using limited balance‑sheet tools to attract projects in Roswell’s commercial corridors while aiming to protect neighborhoods and capture long‑term revenue.
Council members praised the vetting process for developers and financing, noting that the city’s approach differs from past deals that used long tax abatements or less restrictive terms. Council approved both the PFA/lease resolution and the project IGA unanimously.
Proponents say the combination of PFA financing and the DDA scope will allow the city to act quickly on site acquisitions, preserve negotiating leverage and generate long‑term revenue streams tied to ground leases and future sales.
The council also deferred a separate Hill Street Unified Development Code text-and-map amendment (the overlay) to the Aug. 25 meeting for further work.
