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DeKalb URA names Nicole Messiah secretary and approves up to $19 million revenue bond to buy 4380 Memorial Drive
Summary
At a brief Urban Redevelopment Agency meeting, DeKalb County officials unanimously appointed Commissioner Nicole Messiah as URA secretary and adopted a parameters resolution authorizing up to $19 million in revenue bonds to acquire 4380 Memorial Drive; a supplemental resolution with final bond terms will return in June.
DeKalb County's Urban Redevelopment Agency unanimously appointed Commissioner Nicole Messiah as its secretary and approved a parameters resolution authorizing issuance of revenue bonds not to exceed $19,000,000 to acquire 4380 Memorial Drive.
Lorraine Cochran Johnson, CEO of DeKalb County, opened the June meeting and framed the votes as a step toward county ownership of a facility the county has occupied for decades. "For 28 years, we have rented 4380 Memorial Drive," Cochran Johnson said, and summarized prior outlays: "we have spent $16,600,000 in lease payments. We have spent $6,800,000 in capital improvements to the building. We have spent $3,500,000 in taxes. $137,000 has been spent in insurance for a total of $27,037,000 over a 28 year period."
The board first moved to appoint Commissioner Nicole Messiah as recording secretary for the URA; Commissioner Robert Patrick made the motion and Commissioner Long Spears seconded it. The chair called for a show of hands and the appointment passed unanimously.
The board then considered agenda item 2025-0727, described in the meeting as a bond resolution for 4380 Memorial Drive. Tom Lauf, representing the URA, told the agency: "This is for a bond resolution. So the Urban Redevelopment Agency is being asked to issue a revenue bond in the amount not to exceed $19,000,000. Proceeds of that bond will be used to acquire the property of 4380 Memorial Drive." The board of commissioners had previously approved an agreement of sale; Lauf said the county will make payments over a 10- or 20-year period (the final term to be determined) and those payments will cover principal and interest on the bonds.
County staff clarified that the URA resolution is a parameters resolution to begin the bond validation and solicitation process. A staff member explained that Georgia law requires a bond validation process in superior court. The county's financial advisor, Public Financial Management (PFM), will solicit bids from potential purchasers; bids are expected in mid-June. "Shortly after those bids are received, we'll come back to this Urban Redevelopment Agency on June to adopt a supplemental resolution. Where you'll have the final principal amount for the bond, the interest rate, and also the purchaser of the bond will be approved at that time," staff said.
Commissioner Robert Patrick asked whether the resolution selected an institution to administer the funds; staff replied that the parameters resolution does not finalize the purchaser or final terms. Commissioners requested notice of the selected purchaser before the supplemental meeting. The bond resolution (agenda item 2025-0727) was moved by Commissioner Long Spears, seconded by Commissioner Nicole Messiah, and approved unanimously.
After the votes, the chair thanked Jacob Vallow, who staff said worked on the acquisition, and the agency adjourned on a unanimous motion by Commissioner Davis Johnson with a second from Commissioner Terry.
The URA vote was procedural: it authorized the county to pursue bond validation and to solicit bids; final bond terms (amount, rate, purchaser) will be set in a supplemental resolution after bids are received and the required court validation. The meeting record shows unanimous approval for the secretary appointment, the parameters bond resolution for 4380 Memorial Drive (agenda item 2025-0727), and adjournment.
