Board clears financing bid for 4380 Memorial Drive; adds walk-on to acquire 999 Briarcliff Road
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Summary
The board heard results of competitive bids for the URA financing of 4380 Memorial Drive on June 17, with PFM recommending award to Regions Bank (3.62% per annum, 3.77% all‑in TIC) on a 10‑year term. Commissioners also voted to add a walk-on to approve acquisition of 999 Briarcliff Road for $7.5 million with a $3.25 million private donation.
County financial advisers presented competitive bid results for bonds to finance URA‑related costs at 4380 Memorial Drive, and commissioners added a walk-on item to acquire a separate property at 999 Briarcliff Road.
Elise Slomel of PFM Financial Advisors said the county solicited bids and received 23 proposals from eight institutions. PFM recommended awarding the bond to Regions Bank, whose bid carried a 3.62 percent per‑annum interest rate and a 3.77 percent all‑in true interest cost (TIC). The county asked for bidding on 10‑, 15‑ and 20‑year amortization options and staff selected the 10‑year amortization as the most advantageous option. Slomel said interest will be due semiannually (May 1 and Nov. 1), principal annually on Nov. 1 starting in 2026, and the bond includes a prepayment option beginning June 30, 2031.
After the presentation, a motion to approve the substitute resolution related to the financing was made, seconded and approved by voice vote.
Separately, while convening a special-called portion of the meeting, commissioners agreed to add and approve a walk-on item to authorize acquisition of the property at 999 Briarcliff Road NE (tax parcel 18105024) for $7,500,000. The board packet stated DeKalb will allocate $4,250,000 and the Kallenwald Foundation, Inc. will donate $3,250,000 toward the purchase price; the walk-on was added and passed by voice vote.
Why it matters: The bond award authorizes the county to finance URA acquisition-related costs with the presented financing structure; the approval of the Briarcliff acquisition is a material, countywide property purchase requiring allocation of several million dollars of county funds and a private donation.
Supporting details and next steps: PFM noted Regions’ bid included customary bank fees and an all-in TIC of 3.77 percent. The 10‑year structure chosen provides a prepayment/refinance opportunity in 2031. PFM recommended Regions as the most competitive on current market terms. For the Briarcliff acquisition, the administration asked the board to add the item as a walk-on and to allocate funds; staff said documents and implementation steps will follow and that the acquisition is intended to proceed with the stated purchase price and donation.
Attribution and record: PFM presented the bid summary and recommendation. The motion to approve the financing substitute and the motion to add the Briarcliff walk-on were approved by voice vote; the clerk’s minutes will record the formal ordinances and allocations when staff files the final documents.
