About Dunwoody reporter. (Sandy Springs, GA) 20??-current | View Entire Issue (Sept. 20, 2013)
COMMUNITY Before you buy or sell a car, call us! 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.” 5-star Reviews from Cars.com ★ ★★★★ Terrific Experience! -Webb in Atlanta ★ ★ ★ ★ ★ Finally a car business who stands by their word - Chris in Madison Merlin AUTO GROUP Experience the Best www.merlinautogroup.com | 770-457-2699 NEW APPROACH - BRINGS HOPE Research indicates a connection between many neurological disorders and poor blood flow in the brain. 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