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Commission approves $2.185 million revenue bond to finance Ritz Theatre expansion
Summary
The Toccoa City Commission approved a $2,185,000 revenue bond issued through the Downtown Development Authority to fund the Ritz Theatre expansion. The bond carries a 3.65% fixed rate from Regions Bank and was approved 3–1 with the mayor abstaining.
The City Commission on Jan. 27 approved a $2,185,000 revenue bond to finance expansion and renovation work at the Ritz Theatre.
Andrew Tritt of Stifel Nicolaus, who advised the city on the financing, said the city solicited bids from 16 financial institutions, received five responses and selected Regions Bank for its most favorable terms. "What this is, is a $2,185,000.00 revenue bond for the Ritz Theatre Project," Tritt said during the presentation. He told commissioners the proposal carries a fixed 3.65% rate to 2036 and allows prepayment or refinancing with no penalty until August 2031.
Commissioner Terry Carter explained the mechanics behind the financing: title to the property would be placed in the Downtown Development Authority during the bond term to enable issuance and then reconveyed to the city after the final payment. Commissioner Carter moved the bond resolution; Commissioner Ron Matheson seconded. The motion passed 3–1, with Vice-Mayor Michelle Jamieson voting no and Mayor Evan Hellenga abstaining.
The bond will require statutory bond validation proceedings under state law before closing, city staff said. No specific construction timeline or project budget detail beyond the bond amount was provided in the meeting minutes. The commission did not attach additional conditions to the resolution at the January meeting.
