Dunwoody City Council is moving forward with plans to build a future park on Vermac Road.
At a meeting on June 14, the board approved a 15-year loan from Zion Bank worth about $ 5.7 million to finance the purchase of two properties: 4809 and 4819 Vermack Road. The city’s public facilities initially approved contract of sale for two plots of land to be used as a park zone, at a meeting on April 12.
According to assistant city manager Jay Winicki, the bank will provide the city with the full loan and the city will repay the bank $ 448,000 a year. The city will receive approximately $ 966,000 in interest over the life of the loan.
The city voted to approve the terms of the loan, as well as to actually purchase the property through the Georgia Municipal Association’s Brick and Mortar Financing Program. The Georgia Municipal Association is a government organization representing the municipal government in Georgia. The Bricks and Mortar program offers a lease-buy agreement that will give the tenant exclusive rights to purchase the property at a later date.
Vinicki said that through a lease-and-buy structure, the municipal association will own the property and the city will lease it out. Then, at the end of the lease, the city will own the property.
City officials held a public hearing on the matter before voting for approval. Dunwoody resident Robert Woolford spoke out in favor of the loan and said he liked the fact that the council is investing in city parks, especially given how important park space has been throughout the COVID-19 pandemic.
“An investment like this – using our tax dollars to buy land for parks and recreation areas – brings benefits not seen in the quarterly report,” he said. “COVID has made it very clear to everyone.”
However, former Dunwoody mayor Denis Shortal has spoken out against the acquisition, saying he believes the item should be delayed until the city gets more feedback from residents.
“We have it [public hearing] right now, tonight, ”he said. “Then six points down, you’re going to vote on them. I don’t think this has enough time to check … among the citizens the details of what it is. ”
Residents can fully view the adopted resolution on the city page. Web site.
Update: this article has been updated with clarifying information about the payment schedule between the city and the bank.