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City of Clarkston - Georgia - where possibilities grow

 

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Council URA Meeting Minutes February 7, 2017

Vice-Mayor Dean Moore called the meeting to order at 5:00pm.
 
Roll Call: Mario Williams, Awet Eyasu, Ahmed Hassan, Beverly Burks
Absent: Mayor Terry
 
F.  NEW BUSINESS
F1)  Approve an Organizing Resolution of the of the Urban Redevelopment Agency of the City of   Clarkston Appointing Members, Adopting Bylaws, an Official Seal and for other purposes
The City Manager reported that in order to obtain funding to implement the Friendship Forest Master Plan,  the City of Clarkston will exercise its powers under the Urban Redevelopment Law. This item provides for the Clarkston Urban Redevelopment Agency to adopt Bylaws by which the Agency shall be governed, adopt an official seal, appoint the Chair, Vice Chair and Treasurer and appoint the City Attorney as counsel to the Urban Redevelopment Agency. 
Ahmed Hassan made a motion to approve the Organizing Resolution of the of the Urban Redevelopment Agency of the City of Clarkston, adopting Bylaws, an Official Seal and appointing as Chairman: Dean Moore, Vic- Chair Jamie Carroll,  Secretary/Treasurer Ahmed Hassan and Stephen Quinn as Attorney. Awet Eyasu seconded the motion. A vote was called and the motion carried (4, 0).
 
F2) A Bond Resolution to Provide for the Issuance of the Urban Redevelopment Agency of the City of Clarkston Revenue Bond (City Of Clarkston Project), Series 2017, In as Aggregate Principle Amount Of $1,350,000 to Provide Funds to Pay or To be applied toward the cost of financing certain improvements to the Friendship Forest Wildlife Sanctuary and to pay expenses Associated Therewith; To Provide for the form of the Series 2017 Bond; To Provide for the Creation and Maintenance of Certain Funds; To Provide Remedies for the Owners of said Bonds; To Authorize and Approve the Execution and Delivery of an Agreement of Sale with the City of Clarkston, Georgia; And for Other Purposes
The City Manager reported that the resolution approves the terms of the bond financing, form of the Bond, repayment terms and defines events of defaults and remedies of the bondholder. This Bond Resolution also approves the Agreement of Sale which serves as an intergovernmental contract with the City.  The City is financing the loan over 8 years at 2.65% and the repayment has been tailored to fit with the City’s cash flow cycles. Discussion on the transfer of property title during the loan period. 
 
Awet Eyasu made a motion to approve the Bond Resolution to Provide for the Issuance of the Urban Redevelopment Agency of the City of Clarkston Revenue Bond (City Of Clarkston Project), Series 2017, in as Aggregate Principle Amount Of $1,350,000 to Provide Funds to Pay or to be applied toward the cost of financing certain improvements to the Friendship Forest Wildlife Sanctuary and to pay expenses associated therewith; To Provide for the form of the Series 2017 Bond; To Provide for the Creation and Maintenance of Certain Funds; To Provide Remedies for the Owners of said Bonds; To Authorize and Approve the Execution and Delivery of an Agreement of Sale with the City of Clarkston, Georgia; And for Other Purposes.  Mario Williams seconded the motion. A vote was called and the motion carried (4, 0). 
Awet Eyasu made a motion to adjourn the meeting. Beverly Burks seconded the motion.  A vote was called and the motion carried (4, 0).
 
Meeting adjourned.
 
 
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