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Snellville staff outline GMA lease‑purchase loan for community center; Queensborough Bank bid tops list
Summary
City staff presented a Georgia Municipal Association (GMA) lease‑purchase financing plan for the proposed community center, describing a 15‑year structure with a 4.25% rate from Queensborough Bank and a planned early prepayment once grant and construction proceeds arrive.
Snellville City staff on Dec. 8 detailed a proposed GMA lease‑purchase financing package to bridge construction cash‑flow for the city’s community center.
At the work session, an attorney‑presenter described the program as a 15‑year financing arrangement in which GMA temporarily takes title and assigns the city’s payment stream to a lender. “So this is a 15 year financing,” the presenter said, adding that title transfers back to the city after the term and that the transaction typically includes an assignment and transfer agreement, term sheet and closing certificates.
Staff told council that Queensborough Bank submitted the…
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