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Financial summary for Project Renaissance
Land purchase costs
Purchase of 35 acres
$10,700,000
Financing
400,000
Demolition
600,000
Total land costs
$11,700,000
Sale of property
Sales to John Wieland Homes
$ 6,370,000
Future sale of commercial site
1,265,000
Total property sales
$ 7,635,000
Net cost of land acquisition
$ 4,065,000
Source: city of Dunwoody
Project Renaissance plans
spur local development
CONTINUED FROM PAGE 1
the next two weeks,” Hutmacher said
on Sept. 9. “Over the last two years, we
have been spending money. Now money
is coming back in.”
Hutmacher projected the city’s land
costs for the project, including financ
ing, would total $11.7 million. Land
sales by the city, including both sales
to Wieland — which is to build 68 sin
gle-family homes — and future sales of
property to be developed for commer
cial uses, should produce $7.64 million,
he said. That means the city’s cost in the
project would total about $4.1 million.
The city is building four parks on the
land it will retain. Playground equip
ment has been installed and concrete
work on foundations for other struc
tures in the parks is nearly done, Hut
macher said. The parks are expected to
open in November. “The site’s going to
go from looking like a desert to looking
more like a park,” Hutmacher said.
At the same time, several unrelated
development projects are being consid
ered in the area. “We’re certainly seeing
huge signs that the investment the city is
making and Wieland is making are hav
ing an effect in this area,” he said.
By taking 35 acres off the market,
the city has improved the market for de
velopable real estate in the Georgetown
area, city officials said.
“We’re very pleased at this point, but
this is very early in the process,” Hutm
acher said. “We’re in the first inning of
a long game.”
Several council members welcomed
word the project was moving forward.
“I think this is very good news,” May
or Mike Davis said.
Councilman Terry Nall said the proj
ect gave the city a chance to spur devel
opment in the area and to add acreage
to the city’s park system. He said it ap
peared the final cost to the city would
total less than the amount the city had
agreed to pay for the original 16-acre
tract. Councilman Denny Shortal said
“We’re very pleased at
this point, but this is very
early in the process.”
- WARREN HUTMACHER
CITY MANAGER
it was “critical” to develop single-fami
ly homes in the area.
But Councilwoman Adrian Bons-
er questioned Hutmacher’s financial re
port, asking whether it included the
costs of the lawyers who worked on the
transactions. “These numbers are not ac
curate if [the report] doesn’t include le
gal fees we’ve paid,” she said.
She also questioned whether the de
velopment, when finished, would bring
the neighborhood the sort of develop
ment residents wanted.
“I have not heard a lot of cheerlead
ing from the residents in the George
town area,” she said. “They’re not happy
with more residents. They want ameni
ties. I believe you’re strangling the area.
I’m disappointed, and I’m sure you’re
going to hear about this from constitu-
ents.
The city proposed the redevelopment
project in the Georgetown community
in March of 2012. The city purchased
the 35 acres in Project Renaissance in
two parcels, a 16-acre tract, and a 19-
acre tract the city is buying through a
multi-year purchase.
Hutmacher proposed Sept. 9 that the
city buy the last portion of the 19-acre
tract before the end of September in or
der to save about $60,000 in interest
costs. The city had proposed closing on
the 5.6-acre portion next August. “I’m
recommending speeding up the clos
ing,” he said. “I think it makes a lot of
sense.”
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