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Authority acknowledges internal transfer of taxable revenue bond for City Center office project
Summary
The Development Authority of Alpharetta voted to acknowledge an internal corporate transfer of a taxable revenue bond tied to the City Center office project (2017 C), with counsel confirming the existing bond documents and lease permit the transfer and that the abatement schedule remains unchanged.
The Development Authority of Alpharetta voted unanimously to acknowledge notice of an internal transfer of a taxable revenue bond for the City Center office project (2017 C). The action was presented to the authority as a housekeeping step to record a corporate restructuring and notify the bondholder and relevant parties.
Melissa Tracy, staff presenting the item, said the owner/developer completed a change in corporate structure and that the transfer occurred pursuant to the lease and existing bond documents, which explicitly allow such transfers. The acknowledgment allows documents to be updated and the bondholder to be notified; staff said the abatement schedule tied to the project remains unchanged.
Authority members asked whether the authority remains involved in the transaction; staff answered that the abatement continues on the same schedule and that the change is limited to corporate structure and ownership documentation.
Amy Huskins, outside counsel for JM Family Enterprises, attended the meeting to answer questions. Authority member Sean (surname not provided) moved to acknowledge the notice; Authority member David (surname not provided) seconded. The motion passed unanimously.
Staff said the transfer notice was presented for acknowledgement only and will not return to the board as an action item; signatures required by the previously approved resolution (chair or vice chair and the secretary‑treasurer) are forthcoming to finalize paperwork.
No public commenters spoke on this item during the public‑comment period.
