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DeKalb URA approves supplemental 2025 bond to buy 4380 Memorial Drive
Summary
The Urban Redevelopment Agency of DeKalb County approved a supplemental Series 2025 bond resolution to purchase 4380 Memorial Drive, authorizing $18,270,000 in proceeds with a 3.62% interest rate and a maturity of Nov. 1, 2035; commissioners discussed master planning and next steps for redevelopment.
The Urban Redevelopment Agency of DeKalb County on June 17 approved a supplemental Series 2025 bond resolution that will provide $18,270,000 to acquire the office building at 4380 Memorial Drive, a finance adviser told the board.
Tom Roth with QTAC Rock summarized the final terms: “So, you're approving a final principal amount of $18,270,000 you're you're approving a final interest rate of 3.62%, and a maturity date of 11/01/2035. The annual debt service on this bond during that 10 year period, will not exceed, dollars 2,213,000.” Roth said Regions will purchase the bonds and the transaction is scheduled to close on the 25th, when the county will take title to the property.
The supplemental resolution follows an earlier URA authorization and a Board of Commissioners vote that gave staff authority to issue debt to acquire the parcel. Attorney Phillips moved to approve the supplemental bond resolution; a second was recorded and the agency approved the motion by voice vote. The board did not record any nays or abstentions on the transcript.
Commissioners speaking during the item praised the acquisition and discussed next steps. Commissioner Messiah said the county will save money by owning rather than leasing: “Just excited at, you know, us being able to own this property versus the amount of money that we've been spending to lease it for so long.” Commissioner Davis Johnson called the site “a prime piece of property at a prime location.” Commissioner Terry raised implementation questions about redevelopment timing and near-term cash flow, noting, “We were paying about a million dollars a year in rent. Now we're gonna be paying 2,200,000.0 in a mortgage payment,” and asked administration when a master-planning scope would be presented.
A county staff speaker noted master planning will be required and said officials intend to move “full speed ahead” on planning for the parcel and surrounding area; the administration committed to follow up with staff (including Jacob and others) about the scope and timing for that work. Commissioners emphasized that multiple districts converge in the area and urged inter-district collaboration as planning proceeds.
No detailed redevelopment plan, procurement schedule, or funding breakdown for master-planning services was provided during the discussion; staff said they would report back on scope and timing. The bond closing and property transfer were presented as the immediate next steps.
The URA adjourned after the vote.
