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URA briefed on proposed bond package to fund City Center; board to meet again for document review
Summary
Legal and finance staff outlined a proposed municipal bond issuance — including refinancing of prior bonds — to fund a new combined City Center (city hall, fire, police, rec amenities). The URA would issue bonds backed by 'splash' funds and the city’s backing; staff requested a special URA meeting to review documents before City Council action.
Forest Park — URA legal and financial advisors presented a financing plan to support construction of a consolidated City Center that would house city hall, the fire and police departments and parks-and-recreation amenities.
Staff described a multi-part financing structure that would include a new bond issuance and the refinancing of an outstanding 2021 bond series. The package presented would involve two series of bonds and would be supported by multiple revenue sources, including ‘splash’ funds (as referenced by staff) and general-fund support from the city. Staff estimated the program’s total resources and debt service within a broader $117 million financing picture and described a target to close financing so construction could begin in 2026.
Legal staff explained next steps required by Georgia procedure: the URA would vote on a bond resolution, approve an intergovernmental agreement with the city and then seek a bond-validation order from Superior Court prior to closing. Staff asked the URA to consider a short special meeting (proposed Dec. 1 at 5:30 p.m.) to review and approve bond documents so the City Council can consider the intergovernmental agreement on Dec. 1.
Board members discussed timing, the source of ‘splash’ funds and the need to coordinate URA action with the city’s calendar. No final URA vote on bond authorization was recorded at the meeting; staff will circulate term sheets and schedule a document-review meeting.
