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Chamblee DDA accepts $300,000 city loan to shore up short-term finances
Summary
The DDA approved an intergovernmental agreement with the City of Chamblee for a loan up to $300,000, with disbursements starting Feb. 1 and repayment due after property sale or one year after the first payment; the motion passed unanimously.
The Chamblee Downtown Development Authority voted unanimously Jan. 27 to accept an intergovernmental loan from the City of Chamblee not to exceed $300,000, with scheduled monthly disbursements of $50,000 beginning Feb. 1.
Board members said the loan is a short-term lifeline as reserves run thin. Finance presenter Jonathan Smith reported the debt service account was about $43,000 and the operating account about $49,000 after recent payments, and warned continued delays on the city-center project are costing the authority money. City staff clarified that repayment would be due after the close of the purchase-and-sale or one year after the first payment, whichever comes first. The motion to approve the IGA "as presented" passed unanimously.
