Department
Finance
Requested Action (Identify appropriate Action or Motion, purpose, cost, timeframe, etc.)
title
Request approval of a Resolution of the Fulton County Board of Commissioners authorizing the execution of a first amendment to an Installment Sale Agreement approved in 2019; and for other purposes. (APPROVED)
body
Requirement for Board Action (Cite specific Board policy, statute or code requirement)
O.C.G.A. 36-60-13 (g), as amended.
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: The Board of Commissioners approved for us to proceed with negotiation for additional $10.9 million to complete the buildout of the County facility located at 4700 Northpoint Parkway in Alpharetta. The attached resolution will complete the process for additional financing. Pursuant to the terms of an Installment Sale Agreement, dated as of November 1, 2019 (the “Original Installment Sale Agreement”), between Association County Commissioners of Georgia (the “Seller”) and Fulton County, Georgia (the “County”), the Seller sold certain land together with a building located thereon to the County as approved for execution by the Fulton County Board of Commissioners in Agenda Item 19-0856; this Resolution amends the existing installment sale agreement, including changing basic terms and providing new installment payment amounts.
Community Impact:
Department Recommendation: Recommend approval
Project Implications: Will provide additional resources for capital improvements and needs.
Community Issues/Concerns: None
Department Issues/Concerns: None
Fiscal Impact / Funding Source
Funding Line 1:
540-210-2109-8111 ACCG Northpoint fund, Finance department, Treasury, capital lease obligation proceeds.