Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Public Finance topic
No spam. Unsubscribe anytime.
Roswell to use Public Facilities Authority financing to close on Spruill park property; council moves IGA forward
Summary
City staff told council the Public Facilities Authority will be used as the conduit to finance a 25‑acre Spruill property purchase and that bids from banks are due July 30; council agreed to add the IGA to the August agenda so the PFA can select financing and the city can meet a Sept. 29 closing date.
The City of Roswell will seek long‑term financing through the Roswell Public Facilities Authority to fund the purchase of the 25‑acre Spruill property, Chief Financial Officer Bill Godshall told the mayor and council at the committee meeting July 29. Godshall said the city must have funding in hand to close by Sept. 29, 2025.
City staff said they issued an RFP to banks asking for 15‑ and 20‑year fixed‑rate proposals and expected responses the next day. Godshall described a compressed schedule: evaluation with the city’s financial advisor on Aug. 1, a PFA meeting to select a bidder and adopt the intergovernmental lease/IGA, then a council resolution in the regular meeting schedule to authorize the IGA and begin the required Fulton County bond validation process. "We have to be closed on the property with funding by 09/29/2025," Godshall said.
Why it matters: using the PFA lets the city access long‑dated fixed financing while keeping the land under city control for development and operations. Godshall said the IGA and lease will give the PFA a revenue stream timed only to serve the bond and will let the city govern how the land is developed. If the schedule holds, staff said funds would likely be available in mid‑September so legal counsel can close before the contract deadline.
Details and timeline: staff reported they solicited 58 banks and had five positive intents to bid; the evaluation will generate a recommendation for the PFA. After the PFA adopts a selection resolution and the lease/IGA, the city will present the package to mayor and council (staff proposed the Aug. 11 regular meeting) and trigger Fulton County’s bond validation process the week of Aug. 22. Godshall said he expected validation results by the week of Sept. 8 and funding to arrive around Sept. 15–16.
Council action and next steps: Council added discussion of the IGA to the committee agenda by unanimous motion earlier in the meeting. Later a motion to move the IGA forward to the council agenda passed unanimously. Staff will convene the PFA, complete bid evaluation, and return with draft documents and a recommendation.
Context and constraints: Godshall emphasized the product being procured is not typical municipal short‑term debt but a tailored, long‑dated, fixed‑rate product with early‑payment provisions and a specific amortization structure; some banks do not offer that combination. The city also noted the purchase will be "as‑is," so high confidence in the financing timetable is required to close on time.
What remains uncertain: staff said draft bidding materials and the recommended bidder will be available after the July 30 responses and that the council will see the IGA language before adoption. The transcript did not include the purchase price or the PFA bid shortlist.
For the record: the committee heard this item July 29 so staff can meet the contract close date and the PFA can act on a tight timeline.
