Department
Finance
Requested Action (Identify appropriate Action or Motion, purpose, cost, timeframe, etc.)
title
Request approval of an authorization to proceed with planning and initial actions related to an anticipated request for amendment to the existing 2019 installment sale agreement with the Association County Commissioners of Georgia (ACCG) for an additional amount up to $10,914,307.60 plus interest, resulting in a total agreement of $25 million principal plus interest, to be used for final completion of the County facility at 4700 North Point Parkway, Alpharetta, Georgia, including approval for a public hearing to consider authorization of said amendment as a multi-year lease purchase agreement(s) or installment sale agreement(a) pursuant to O.C.G A. Sec 36-60-13 and publication of notices of the public hearing; and for other purposes. (APPROVED)
body
Requirement for Board Action (Cite specific Board policy, statute or code requirement)
O.C.G.A. Sec. 36-60-13
Strategic Priority Area related to this item (If yes, note strategic priority area below)
Open and Responsible Government
Commission Districts Affected
All Districts ☒
District 1 ☐
District 2 ☐
District 3 ☐
District 4 ☐
District 5 ☐
District 6 ☐
Is this a purchasing item?
No
Summary & Background (First sentence includes Agency recommendation. Provide an executive summary of the action that gives an overview of the relevant details for the item.)
Scope of Work: During recent Board of Commissioner (BOC) retreat on strategy planning, the BOC expressed interest in the County obtaining a loan of up to $10.9 million plus interest to complete renovation of the County building in North Fulton to be used as multipurpose center for Seniors and wrap-around services. Annual debt service payment for this transaction was included in the multiyear budget view presented to the BOC at the retreats. County management seeks authorization to amendment to the existing installment sale agreement with Association of County Commissioners (ACCG), which is the same organization that provided financing for acquisition of the building along with partial funding for furniture, fixtures, and equipment (Agenda item 19-0856). County Management also seeks authorization for the required public hearing on the transaction, (tentatively scheduled for October 18, 2023), as well as publication of notice of the public hearing. The final executed transaction would require Board approval also on October 18, 2023.
Community Impact:
Department Recommendation: Recommend approval
Project Implications:
Community Issues/Concerns:
Department Issues/Concerns:
Fiscal Impact / Funding Source
Funding Line 1:
n/a