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Board approves urban redevelopment designation for 4380 Memorial Drive and authorizes short-term financing; PNC chosen as TAN lender
Summary
The Board of Commissioners designated 4380 Memorial Drive as an urban redevelopment area and approved an urban-redevelopment plan to acquire the property; the board also authorized tax anticipation notes to provide short-term financing and accepted PNC Bank's bid for the TANs subject to conditions and recusal.
The DeKalb County Board of Commissioners on Tuesday designated the parcel at 4380 Memorial Drive in Decatur as an urban redevelopment area and adopted an urban redevelopment plan that authorizes the county to acquire the property. Commissioners also authorized short-term tax anticipation notes (TANs) to fund county capital and water/sewer cash needs, and awarded the TANs to PNC Bank after a public request-for-proposal process.
Tom Lott, outside counsel to the county, described the two-step request as "two preliminary items" needed before seeking Urban Redevelopment Agency authority to issue revenue bonds for acquisition. "The first…
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