Wednesday, February 8, 2012

PVC Sale and Zoning

Will the city really sell the recently acquired 'PVC' land?  If so, do we have any control over what the new owner does with it?  Currently the land is zoned for apartments, and if the city sells the property there is a good chance you will see apartments there in the near future.

What needs to happen is a zoning change on the property, but can it be done under the current financing of the property?  The city does not technically own this property.  As explained on Farmer Bob's blog in a comment by by KDV: 
"The loan is actually a lease. It is a bit convoluted but here's the money trail....RBC loaned the money to the Georgia Municipal Association. The Georgia Municipal Association then leased the land to the City with the lease payments equal to the loan payments due to RBC Bank. The term of the lease (7 years) is equal to the term of the loan. And at the end of the lease/loan, the property is deeded over to the City. The lease has 14 payments due every six months for the next seven years. Each payment is around $400k."
I have received a couple of comments on when and how the city can change the zoning, so I'll wait to hear official word from someone on all this before digging deeper.  Who knows, this land sale may be a dead deal already.  But, if we do sell, I think zoning or a strongly worded purchase agreement needs put in place that keeps high-density out of this area. 

A reader also sent me a note about a big issue on this topic the Comprehensive Land Use Plan - the plan that calls for a 5-6 acre park on this site.  Is it possible for a developer to incorporate a park on five acres and develop the other 11 acres?  I suppose so.  You folks in the Georgetown area and those concerned about more housing bringing more kids to overcrowded schools need to pay attention and reach out to your council.

1 comment:

Dunwoody Mom said...

Rick, I'm confused. If the city does not really own this land, can they sell it?

I'm with you. I see apartments written all of this. And as someone who lives in this part of Dunwoody - enough is enough with the apartments in that area.