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Authority approves amended LURA and transfer of Lakeview project bonds after developer sale
Summary
The Alpharetta Development Authority approved an amended and restated Land Use Restriction Agreement (LURA) for the Lakeview mixed‑use project at 4115 Lake Street and authorized documents to effect the sale and transfer of the Series 2022 taxable revenue bonds to the purchaser, citing that the project is complete and stabilized.
The Alpharetta Development Authority approved an amended and restated Land Use Restriction Agreement (LURA) and adopted a resolution authorizing the sale and transfer of interests in the Eden at Lakeview project, including the assignment of documents tied to the authority's Series 2022 taxable revenue bonds.
The action follows a 2022 lease‑back transaction the authority entered into with Lakeview Residences LLC to provide an ad valorem property tax incentive intended to stimulate construction of the mixed‑use Lakeview development at 4115 Lake Street. Staff said construction began in 2022 and was completed in 2024; authority staff reported the project is currently about 93 percent leased.
City staff reviewed the proposed amended and restated LURA and found the clarifying changes to be in compliance with the zoning conditions attached to the original rezoning. "It's solely based on their zoning condition, and the authority is just before you all because this is going to be recorded in the property index and we're just getting that stamp of approval," said Melissa (staff title not specified).
For the transfer, authority legal counsel said the current owner is exercising rights under existing agreements to sell and the purchaser (identified in the meeting as Ares/Ares Acquisitions LLC) and the seller have a purchase and sale agreement. Counsel said staff will present the necessary documents for execution and that they will coordinate with the tax assessor to amend the tax memorandum of agreement.
A motion to approve the amended and restated LURA was made by Dan (surname not specified), seconded by David (surname not specified), and carried 4‑0. A motion to authorize the transfer of the Series 2022 taxable revenue bonds was made by Sean Allen, seconded by Dan, and also passed 4‑0.
Authority staff said there were no additional substantive legal issues to report for either action; representatives for the purchaser were present at the meeting and available to answer questions.
