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Development authority approves bond resolution for Woodfield's North River redevelopment in Sandy Springs
Summary
The Sandy Springs Development Authority approved a bond resolution to support Woodfield Development's North River project, authorizing a tax-incentive package and fee waivers tied to construction of a public park the developer will deed to the city.
The Sandy Springs Development Authority voted to approve a bond resolution that clears the way for a tax-incentive package and related fee waivers for Woodfield Development's proposed North River redevelopment.
Chris Burnett, city staff leading the presentation, described the plan as a full redevelopment of a roughly 13-acre shopping-center site on Roswell Road into mixed use: "This contemplates the whole site being scraped" and rebuilt with apartments, townhomes, retail and a central park, he said. The overall package includes a 10-year tax abatement for apartments (apartments only), impact-fee credits and building-permit fee waivers that staff estimated at an NPV of about $4.3 million against park and site costs of roughly $6.5 million.
Burnett told members the city expects long-term value from new development: the completed project is estimated to have about $200 million in appraised value and the city's portion of property-tax collections over 10 years, net of the abatement, is projected at roughly $2 million. The authority's staff also estimated a net positive impact to the city of about $6.7 million over the same period, driven largely by the park conveyance and increased property value.
Authority legal counsel summarized the action before the vote as a "bond resolution" and an accompanying memorandum of understanding that formalizes the tax incentive and other agreements required by the board of tax assessors. After brief discussion, a member moved to approve the bond resolution and the board approved it by voice vote.
The motion authorized staff to proceed with finalizing the bond and tax-incentive documents; the transcript records a voice vote with the chair announcing, "The ayes have it." The resolution does not obligate the city to construct or finance the development; staff said the private developer will carry financing and construction risk while the authority acts as the pass-through vehicle for the tax incentive.
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