SO I'D LIKE TO CALL THE MEETING TO ORDER FOR THE JULY 28TH, 2026 REGULAR MEETING OF THE DOWNTOWN.
[00:00:09]
OF THE CHAMBLEE DOWNTOWN DEVELOPMENT AUTHORITY.DO A QUICK ROLL CALL. JUST RAISE YOUR HAND. MIKE ESCOBAR.
JONATHAN SMITH. SETH WATSON. BRIAN RAY. JENA DUNHAM.
COUNCILMAN JOHN MESA NOT HERE. ALRIGHT. DID EVERYBODY HAVE A CHANCE TO READ THE
[2. Approval of Minutes]
REGULAR MEETING MINUTES FROM MAY 26TH? ANY DISCUSSION ON THAT? CAN I GET A MOTION TO APPROVE THE MINUTES? MOTION TO APPROVE THE MINUTES FROM THE MAY 26TH MEETING.AND A SECOND? SECOND. ALL THOSE IN FAVOR? AYE.
VERY GOOD. THAT PASSES UNANIMOUSLY. ON THE CHAIR'S REPORT.
I DON'T HAVE ANYTHING RIGHT NOW. IT'S BEEN A LITTLE QUIET, ASIDE FROM SOME CITY CENTER STUFF, WHICH WE WERE GETTING READY TO DISCUSS. BUT WE'LL MOVE ON THEN TO ITEM 4.
[4. Financial Report ]
FINANCIAL REPORT. JONATHAN. YEAH. SO I MISSED LAST MEETING, BUT I THINK YOU GUYS COVERED IT BASED ON THE MINUTES.GOOD NEWS IS WE RECEIVED THE $190,000 FROM LUMEN FOR THEIR 2025 ADMIN PAYMENT.
AND MORE GOOD NEWS IS WE RECEIVED THE $236,000 WINDFALL PAYMENT FOR THE PEACHTREE STATION PROJECT.
SO WE HAVE A VERY HEALTHY BALANCE SHEET AT THE MOMENT OF AROUND 500K TOTAL.
WE HAVE DRAWN OUR TOTAL MAX AMOUNT OF OUR LOAN OF $300,000 FROM THE CITY.
AND THEN WE'LL, WE'LL DISCUSS THIS LATER, I THINK, BUT IN CONNECTION WITH THE SEVENTH AMENDMENT, LOOKS LIKE CLOSING OF THE PROPERTY AND THE SALE PROCEEDS SHOULD BE TO US AROUND SEPTEMBER.
SO ALL THAT BEING SAID, YOU KNOW, GOOD NEWS. WE'RE HEALTHY.
SO ANY, ANY QUESTIONS? ALL RIGHT. THANK YOU VERY MUCH, JONATHAN.
SOUNDS GOOD. SOUNDS LIKE WE'RE GETTING IN THE WAY IN THE GREEN, WHICH IS NICE.
OLD BUSINESS. THERE IS NONE. WE'LL MOVE ON TO NEW BUSINESS.
[6. New Business ]
NEW BUSINESS. AS YOU KNOW, AS YOU PROBABLY SAW TODAY, WE'VE GOT AN UPDATED VERSION OF THE SEVENTH AMENDMENT TO THE PURCHASE AND SALE AGREEMENT WITH GREYSTAR DEVELOPMENT. THE LATEST MODIFICATIONS JUST TO KIND OF DO A QUICK OUTLINE OF IT.WAS THE KEY COMPONENT WAS TO CHANGE THE DATE ON THE LDP ISSUANCE DEADLINE.
IT WAS GOING TO BE JULY 31ST, BUT BECAUSE OF SOME CONCERNS ABOUT HOW WE DEFINE LEGALLY DEFINE THE PROPERTY OF THE CITY CENTER EITHER USING A METRIC, A SUBDIVISION PLAT VERSUS METES AND BOUNDS THAT HAS CAUSED SOME, I DON'T KNOW, SOME STAGNANT OR SOME CONCERNS ABOUT HOW TO GO ABOUT THAT.
I KNOW THE CITY IS WORKING VERY HARD WITH GREYSTAR TO, TO COME UP WITH A SOLUTION.
THE SO THAT, SO THAT'S. THE KEY COMPONENT HERE WAS WE WERE GOING TO CONSIDER CHANGING TO SEPTEMBER 30TH, BUT OUR COUNCIL HAS DECIDED THAT THAT'S. WE'D RATHER TRY TO DO IT BEFORE THE SEPTEMBER 18TH CLOSE DEADLINE.
SO THEY'VE OFFERED UP A SEPTEMBER 17TH DEBT NEW DEADLINE FOR THE LDP ISSUANCE.
SO THE, WE STILL HAVE OUR CLOSING DATE OF SEPTEMBER 18TH.
AND THEN GREYSTAR HAS THE OPTION FOR 230-DAY EXTENSIONS AT 150K EACH.
SO THE SECOND THING WAS WE JUST WANTED AN APPROVAL OF THE FAA LETTER WE HAD HEARD FROM GREYSTAR THAT THEY HAD GOTTEN IT, BUT WE WANTED A CONFIRMATION ON IT. AND WE HAVE CONFIRMED THAT OUR PLANNING AND DEVELOPMENT DEPARTMENT HAS IT AND WE'VE SEEN IT.
[00:05:03]
SO WE JUST WANTED THAT IN WRITING THAT, THAT WAS THAT, THAT HAD BEEN RECEIVED.AND THEN THERE'S A. THERE WAS AN ADDED RECITAL ABOUT THE A LOT LINE ADJUSTMENT PLAT AND THE COMBINATION PLAT, WHICH HAS BEEN PREPARED, APPROVED AND RECORDED.
SO. DO YOU HAVE ANY CONCERNS, QUESTIONS, DISCUSSION ON THOSE THREE ITEMS WITHIN THE NEW SEVENTH AMENDMENT? ALRIGHT. CAN I GET A MOTION TO APPROVE THE SEVENTH AMENDMENT AS PRESENTED? MOTION TO APPROVE THE SEVENTH AMENDMENT AS PRESENTED.
GET A SECOND? SECOND. ALL THOSE IN FAVOR? AND THAT PASSES UNANIMOUSLY FOR THE SEVENTH AMENDMENT FOR THE CITY CENTER PROJECT. THE FINAL ITEM ON NEW BUSINESS IS MANOR CHAMBLEE LLC LOAN RESOLUTION. SO AS YOU SAW MANOR CHAMBLEE IS REFINANCING THEIR DEBT.
THE ORIGINAL AMOUNT WAS IN 2021, WAS $107 MILLION AND THE REFINANCING $189 MILLION.
OUR LEGAL TEAM HAS LOOKED AT IT AND. HEY, DAN.
HEY. OUR LEGAL TEAM HAS LOOKED AT IT AND THEY FEEL THAT EVERYTHING IS GOOD WITH THE WORDING.
AND IF IS THERE ANY DISCUSSION ON THIS REFINANCING REQUEST FOR MANOR CHAMBLEE.
MOTION TO ADOPT THE RESOLUTION AS PRESENTED. AND A SECOND? SECOND. ALL THOSE IN FAVOR? AND THAT PASSES UNANIMOUSLY FOR THE RESOLUTION FOR THE MANOR CHAMBLEE LOAN AND REFINANCING RESOLUTION.
AND. MOVING ON. ANY PUBLIC COMMENT? AND I SEE A COUPLE PEOPLE ARE MONITORING, BUT NO HANDS, NO FACES.
ASHLEY, DO WE HAVE AN EXECUTIVE SESSION? I DON'T THINK SO.
WE DO NOT. OKAY. THEN I WILL ENTERTAIN A MOTION TO ADJOURN.
MOTION TO ADJOURN. GET A SECOND? SECOND. ALL THOSE IN FAVOR? [LAUGHTER]. AYE. AND THAT PASSES UNANIMOUSLY. THANK YOU MUCH, EVERYBODY. I APPRECIATE YOU TAKING THE TIME, ESPECIALLY THOSE OF YOU WHO ARE TRAVELING AND ON THE ROAD. THANK YOU, MATT. THANKS, GUYS. GOOD NIGHT.
* This transcript was compiled from uncorrected Closed Captioning.