The Peachtree Corners City Council voted last week to pay off the $11.5 million revenue bonds for the Town Center Project. The bond was originally purchased to buy land at the corner of Medlock Bridge Road and Peachtree Parkway in part to prevent a 300-unit apartment complex and to provide space for the city’s Town Center Project.
The land for the town center and the bond itself have been held by and in the name of the Down Development Authority, with the city acting as guarantor of the bond.
Peachtree Corners is paying all costs associated with the bond, including principal and interest. The action taken by the mayor and council at the May 16 meeting will transfer funds to the DDA and, in turn, the DDA will pay off the bond.
Town Center construction is expected to begin this summer with opening planned for fall 2018.
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