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Commission approves interim agreement with Lovejoy Capital to explore Pine Road Park options, removes $500,000 recoupment clause
Summary
Commissioners approved an interim agreement allowing Lovejoy Capital to negotiate with the Army Corps and conduct predevelopment work at Pine Road Park; developer representatives said they removed a previous $500,000 recoupment clause and will bear predevelopment costs, returning with a feasibility report.
The Troup County Board of Commissioners voted May 6 to approve an interim agreement with Lovejoy Capital that allows the developer to pursue predevelopment and feasibility discussions — including direct negotiation with the Army Corps of Engineers — regarding uses at Pine Road Park.
A presenter for the developer described edits to the agreement and said "the meat of the change is... the $500,000 being removed," explaining the prior recoupment provision was eliminated because it "no longer had any teeth." The presenter said Lovejoy Capital will cover the legal, engineering and other predevelopment costs and will return to the county with the results of the feasibility work and recommendations.
County staff clarified the interim agreement authorizes Lovejoy to seek the county's participation in negotiating with the Army Corps and requires the developer to keep the county updated; the board retains the final decision on whether to proceed after the exploratory work is complete. Commissioners asked about traffic and scale; one commissioner said he was "very concerned about the size of the product you want to do with what the traffic would bring to the area." The developer responded the feasibility study will address demand, phasing and potential traffic impacts.
The board approved the interim agreement by motion; counsel and the developer asked that final approval be subject to review by county attorneys, and the board amended the motion to reflect that final legal review before execution.
