City of Smyrna - File #: RES2016-04

• File #: RES2016-04
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 5/31/2016
• In control: City Council
• On agenda: 6/6/2016
• Final action: 6/6/2016
• Title: Adoption of resolution authorizing Agreement of Sale between the DDA and City of Smyrna regarding the acquisition of right-of-way for streets in connection with the Windy Hill project to be sold by the Authority to the City of Smyrna and authorize the Mayor to execute any related documents.
• Sponsors: Ron Fennel

Date	Ver.	Action By	Action	Result
6/6/2016	1	City Council	Approved Item	Pass

Impact

WARD:  Citywide

COMMITTEE: 

$ IMPACT:  

Title

Adoption of resolution authorizing Agreement of Sale between the DDA and City of Smyrna regarding the acquisition of right-of-way for streets in connection with the Windy Hill project to be sold by the Authority to the City of Smyrna and authorize the Mayor to execute any related documents. 

Body

ISSUE: 

BACKGROUND: 

The DDA will be acquiring right-of-way in advance of the improvements to Windy Hill Road and has approved the issuance of up to $15,850,000 of bonds for this purpose. Upon acquisition of property by the DDA the right-of-way will be transferred to the City under the Agreement of Sale. The Agreement of Sale serves as security for the to be issued DDA bonds. This Agreement of Sale solidifies the relationship between the DDA and the City for the purposes of the Windy Hill right-of-way acquisition.

RECOMMENDATION/REQUESTED ACTION:  Approval