RES2025-012 Authorizing Resolution Emory Property Purchase
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Resolution 2025-012
AUTHORIZING RESOLUTION
Mayor and Council June 16, 2025
AUTHORIZING RESOLUTION 2025-012
WHEREAS, the City of Smyrna (the “City”) is authorized by Article IX, Section III,
Paragraph I(a) of the Constitution of the State of Georgia of 1983 to contract for any period not
exceeding fifty years with the Downtown Smyrna Development Authority (the “Authority”) for
joint services, for the provision of services, or for the joint or separate use of facilities or
equipment, if such contract deals with activities, services, or facilities which the contracting
parties are authorized by law to undertake or provide; and
WHEREAS, the City is authorized by Section 48-5-350 of the Official Code of Georgia
Annotated to levy and collect municipal taxes upon all taxable property within the limits of the
City to provide for financial assistance to the Authority for the purpose of developing trade,
commerce, industry, and employment opportunities; provided the tax levied for the purposes
provided in that code section shall not exceed three (3) mills per dollar upon the assessed value
of the property; and
WHEREAS, the Authority proposes to issue, sell, and deliver its revenue bond to be
known as “Downtown Smyrna Development Authority Revenue Bond, Federally Taxable Series
2025” (the “Bond”), in the original principal amount of $11,335,000, for the purpose of obtaining
funds to finance the costs of acquiring approximately 12.72 acres of land and improvements
located at 3903 South Cobb Drive, 3949 South Cobb Drive, and 3969 South Cobb Drive in
Smyrna, Georgia and demolishing the improvements located thereon, to be held for sale for
redevelopment for commercial and residential uses (the “Properties”), and to finance a portion
of the costs of issuing the Bond; and
WHEREAS, the Authority and the City propose to enter into an Intergovernmental
Economic Development Agreement, to be dated as of the first day of the month of its execution
and delivery (the “Contract”), the form of which has been filed with the City and submitted to
the Mayor and Council of the City, under the terms of which (1) the Authority will agree to
acquire the Properties and demolish the improvements located thereon, to be held for sale for
redevelopment for commercial and residential uses, and (2) the City will agree (a) to make
payments to the Authority in amounts sufficient to enable the Authority to pay, among other
things, the principal of, premium, if any, and interest on the Bond when due and (b) to levy an
annual ad valorem tax on all taxable property located within the corporate limits of the City, at
such rates within the three (3) mill limit authorized pursuant to Section 48 -5-350 of the Official
Code of Georgia Annotated and within the fifteen (15) mill limit prescribed by Section 50 of the
City’s Charter or such greater millage limit hereafter authorized under applicable law, as may be
necessary to produce in each year revenues that are sufficient to fulfill the City’s obligations
under the Contract; and
WHEREAS, the Authority will sell the Bond to TD Bank, N.A. (the “Bond Purchaser”)
pursuant to a Bond Purchase Agreement, to be dated the date of its execution and delivery,
between the Authority and the Bond Purchaser; and