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City staff seek authorization to pursue purchase of former CineBistro using Opportunity Fund
Summary
Peachtree Corners staff presented a resolution authorizing due diligence and potential purchase of the former CineBistro at 5180 Town Center Blvd using the city's Opportunity Fund; staff said the key goal is municipal control of the parcel and uses in the town center.
City staff told the Peachtree Corners council on May 26 that the owner of the former CineBistro property at 5180 Town Center Boulevard made an unsolicited offer to sell, and staff asked council to authorize due diligence and the use of restricted Opportunity Fund dollars to purchase the building if diligence is satisfactory.
Why staff proposed purchase: The city's presentation emphasized control: the city cannot limit an owner's use of private property except through zoning, and staff said owning the parcel would allow the city to protect the town center vision for retail, activation and compatible uses. The resolution presented would move restricted Opportunity Fund monies into the general fund for the purpose of a cash purchase, pending satisfactory due diligence.
Next steps: Council received the presentation and staff asked for authorization to continue due diligence and, if terms are acceptable, to proceed with acquisition. No final purchase vote or closing is recorded in the meeting minutes; staff characterized the request as an opportunity to secure a strategic town-center asset and asked for council direction on the proposed funding and diligence steps.
