School Board’s refinance of bond debt could save taxpayers $7.17 million

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FORSYTH COUNTY, Ga. – During Thursday’s meeting, the Board of Commissioners unanimously approved a resolution brought by the Board of Education that will allow the school system to refinance its GO bond indebtedness at a greatly reduced interest rate that will save Forsyth County taxpayers millions of dollars.

The resolution provides for the County to levy and collect the school board’s annual ad valorem tax for payment of prime and interest rate on $109,285,000.

As County Attorney Ken Jarrard explained, “They went out to market their bonds and had extraordinarily strong demand. They have a AAA rating from Moody’s and S&P and therefore were able to leverage an interest rate 10 basis points lower than they thought, resulting in a cumulative savings of $7.17 million.”

In other decisions, Commissioners:

  • Approved a request by Native Development Group LLC to rezone from Commercial business District (CBD) to Restricted Industrial District (M1) on 6.641 acres located near the intersection of Atlanta Hwy. and Pendley Road for an 89,745 sq. ft. office/warehouse with 100 parking spaces with Conditional Use Permits (CUPs) for an open storage yard with 7 parking spaces and to conduct around the clock business hours;
  • The County-Initiated request for approval of a Sketch Plat to build a 20,720 sq. ft. expansion in addition to an existing 76,000 sq. ft. office/manufacturing facility with 49 parking spaces on 5 acres on Grassland Parkway currently zoned Restricted Industrial District (M1) with variances to UDC Table 14.2 – Parcel 018-084 – SP210011;
  • The County-Initiated request to rezone from Agricultural District (A1) to Restricted Industrial District (M1) with variances to UDC 18-5.18, UDC Table 17.1, and UDC 14-4.13 – Parcels 250-170 and 250-228 – ZA4035 located west of Crossroads Road ;
  • A request for an Amendment of Zoning Conditions on ZA2300 (M W & W, LLC) by Gtechniq North America, Inc. and a variance to UDC Table 12.2 – Parcel 239-238 – AZ210041. Gtechniq North America, Inc. – CP210021 – to build a 4,000 sq. ft. car wash with 11 parking spaces on 1.30 acres at Hammond Industrial Drive currently zoned Commercial Business District (CBD) with the following variance: 1.) Eliminate the 5,000 ft. sewer distance requirement to facilitate the use of an on-site septic disposal system;
  • Held the first of two public hearing on a proposed modification to the County’s Stormwater Management Code, otherwise known as Ordinance 75, including support documents and manuals to ensure compliance with the Georgia Environmental Protection Division’s model ordinance; to repeal conflicting ordinances; and for other purposes;
  • Held the first of two public hearings on proposed modifications to the Short-Term Rental Ordinance. NOTE the short term rental mechanism only had applicability to those who have received a CUP for short-term activity and are located in Agriculture district;
  • Approved an amendment to conditions placed on Conditional Alcohol License, AL01124, for Tonique LLC d/b/a Tonique Fine Wine & Spirits;
  • Approved a CUP for Chapman and Leonard, a camera supply business for the motion picture industry to build five new buildings totaling 59,000 square feet for outside storage.

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