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Avondale Estates City Commission to discuss bond anticipation note

Avondale Estates

Avondale Estates City Commission to discuss bond anticipation note

Avondale Estates City Hall. Photo by Dean Hesse.

Avondale Estates, GA — The Avondale Estates City Commission will meet on Wednesday, Oct. 26, at 5:30 p.m. for a regular meeting, followed by a work session. The city commission meeting will be held at Avondale Estates City Hall, 21 N. Avondale Plaza, and via Zoom.

During the regular meeting, the city commission will consider approving a resolution extending the maturity of the city’s bond anticipation note. The BAN amount is $8.4 million and has been used on an interim basis to finance urban redevelopment projects, most notably the Town Green.

To join the meeting via Zoom, click here. To call in, dial +1-301-715-8592. The webinar ID is 836 9784 0273.

To view the meeting agenda, click here.

Public comments can be made either by attending the meeting in-person or through Zoom.

After approving the bond anticipation note extension term sheet, the city’s bond counsel has prepared legal documents required to extend the maturity date of the Urban Redevelopment Agency’s BAN per those terms.

The city commission is considering extending the maturity of the BAN from Dec. 31, 2022 to Dec. 31, 2023.

The city commission issued the BAN in 2019, which acts as a line of credit the city can borrow from, City Manager Patrick Bryant previously said.

“The bond anticipation note lasts for a three-year period. After that period, once we’re finished borrowing funds through that bond anticipation note, then we have to come back and issue an actual bond to pay off the bond anticipation note,” Bryant previously said.

When the BAN expires, the city will issue revenue bonds in the total principal amount of about $8.9 million, according to the resolution.

The board will also consider a resolution to approve a payment to the owner of condemned property at 143 Maple Street to settle a lawsuit regarding the fair market value of the property.

In 2020, the city commission declared its intent to file eminent domain proceedings to condemn a piece of property at 143 Maple Street. The city needs 1,775 square feet of the property to extend Maple Street.

Michael and Joe Gargiulo own the property at 143 Maple Street, which border’s the Trammell Crow mixed-use development. The Gargiulos appealed the fair market value of the property. According to the resolution, the Gargiulos agreed to accept $108,600 as total compensation for the condemned property.

As part of the city’s street grid project, Trammell Crow is constructing a new street behind their property that will connect with Maple Street. Trammell Crow is responsible for building the new street, City Manager Patrick Bryant previously told Decaturish.

In order to extend Maple Street to meet or connect with the new public road that will be built by Trammell Crow, we have to enter into the process of eminent domain because the portion of that road is currently owned in a private capacity,” Bryant said at the meeting.

During the work session, the board will discuss various capital projects, as well as the draft 2023-2024 capital program and 2023 operating budget.

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