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Development Authority releases 12.55 acres for Continuum renovation project at 555 Windward Parkway
Summary
The board approved a resolution to release 12.55 acres of unimproved land from a bond‑for‑title lease so Southwest Valley Partners can purchase and exclude that parcel from an existing ad valorem tax‑incentive arrangement supporting the Continuum renovation at 555 Windward Parkway.
The Development Authority of Alpharetta approved a land‑release resolution allowing Southwest Valley Partners to remove 12.55 acres of unimproved land from a bond‑for‑title lease covering the Continuum renovation at 555 Windward Parkway.
Charlie explained the background: the authority and Southwest Valley Partners entered a bond‑for‑title transaction on Dec. 6, 2024, that provided an ad valorem property tax incentive for the project. Charlie told the board the company certified that the 12.55‑acre portion is not needed for the project and that releasing it would not impair the building’s intended use or ingress and egress.
Woody Vaughn of Holland, representing bond counsel, summarized next steps: if the resolution passed the authority would quitclaim the unimproved parcel back to Southwest Valley Partners, which plans to sell it to a third party. "They're entitled to remove it from the lease," Woody said, "If you pass this resolution, we'll then quitclaim them the land back." The board moved to approve the resolution, and the Chair announced the motion passed with seven votes in favor and none opposed.
The action removes the specified acreage from the project and excludes that parcel from receiving the ad valorem property tax incentive; staff and counsel had recommended approval.
