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DDA authorizes staff to request city-backed loan IGA as one financing path for Pierce parcels
Summary
The DDA voted to request the City of Chamblee consider an intergovernmental agreement for a city-backed loan to finance purchase of the Pierce parcels, while retaining the option to pursue a DDA-only loan in parallel; board discussed timelines and potential executive-session negotiations.
The Chamblee DDA on Aug. 26 authorized a resolution asking the City of Chamblee to consider an intergovernmental agreement (IGA) to back a loan for purchase of the Pierce parcels, while making clear that the authorization is only to initiate the request and does not bind either party to loan terms.
Ashley explained that approval would open a parallel path: the DDA could pursue a city-backed loan or a non-city-backed loan in tandem. The board was reminded of a Dec. 15 closing date in the purchase-and-sale terms and discussed appraisals, additional due diligence costs and the need for an executive-session negotiation of loan terms if desired. A motion "to request to the city of Chamblee the execution, delivery, and performance of an intergovernmental agreement related to the bonds" was moved and passed unanimously.
Why it matters: authorizing the request preserves the city's and DDA's options while staff pursues firm terms and timelines. Board members discussed contingency steps including seeking an extension from the seller and running both financing paths in parallel to meet the closing timetable.
The DDA will return with negotiated terms, or, if necessary, convene a special meeting to act on bond approvals once more information is available.
