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Athens-Clarke County Public Facilities Authority approves sale of 305 Research Drive back to Northeast Georgia Regional Commission for $10
Summary
At a special-called meeting of the Athens-Clarke County Public Facilities Authority, members elected officers and approved a request allowing the Northeast Georgia Regional Commission to repurchase its office at 305 Research Drive for $10 after the revenue bonds taken out to renovate the building were repaid.
The Athens-Clarke County Public Facilities Authority voted to allow the Northeast Georgia Regional Commission to repurchase its former office building at 305 Research Drive for a purchase price of $10, the authority’s attorney said the price reflected terms in the parties’ lease after the related revenue bonds were repaid.
The action came at a short, special-called authority meeting where members also completed required officer appointments. Dexter Fisher was elected chair and Tiffany Taylor was elected secretary; minutes of a prior meeting were approved during the session.
Authority counsel summarized the transaction’s background, saying the Northeast Georgia Regional Development Center (now the Northeast Georgia Regional Commission) entered a 2007 lease with the public facilities authority tied to revenue bonds that funded renovation of the commission’s office. Counsel said the lease includes a buyback right that triggers once the bonds are repaid in full and cited sections of the lease that authorize the $10 repurchase price.
Commissioner Danforth moved approval of the authority’s request to convey the property back to the commission for $10; Commissioner Taylor seconded. The chair called the question and the motion carried with no objection on the record.
No other public comment was recorded on the item. The authority adjourned after completing the brief agenda.
Votes at a glance - Elect chair: Dexter Fisher — nomination approved (no roll-call tally recorded in the minutes provided). - Elect secretary: Tiffany Taylor — nomination approved (no roll-call tally recorded). - Approve minutes of 07/06/2010 — motion by Commissioner Wright, second by Commissioner Taylor; approved (no roll-call tally recorded). - Approve request allowing Northeast Georgia Regional Commission to repurchase 305 Research Drive for $10 — motion by Commissioner Danforth, second by Commissioner Taylor; approved (no roll-call tally recorded).
