DeKalb County Urban Redevelopment Agency approves $19 million bond for property acquisition

May 29, 2025 | DeKalb County, Georgia


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DeKalb County Urban Redevelopment Agency approves $19 million bond for property acquisition
DeKalb County's Urban Redevelopment Agency (URA) made significant strides during its first meeting since 2022, held on May 29, 2025. The meeting, led by CEO Lorraine Cochran Johnson, marked a historic moment for the agency as it took decisive steps towards acquiring a key property.

The URA unanimously appointed Commissioner Nicole Messiah as the agency's secretary, a move that underscores the collaborative spirit of the board. Following this, the agency approved a resolution to issue a revenue bond not exceeding $19 million for the acquisition of the property located at 4380 Memorial Drive. This decision is particularly noteworthy as the county has been renting this property for 28 years, spending over $27 million in lease payments, capital improvements, taxes, and insurance during that time.

Tom Lauf, a representative from the URA, emphasized the importance of this bond resolution, which will facilitate the transition from renting to ownership. The bond proceeds will be used to purchase the property, with the county planning to make payments over a 10 to 20-year period. This acquisition is seen as a pivotal step in securing facilities that the county has already invested in for nearly three decades.

The meeting also included discussions about the bond validation process, with plans to solicit bids from banks for the bond purchase in mid-June. The URA will reconvene to finalize details, including the principal amount and interest rate, once bids are received.

With three unanimous votes in one meeting, the URA demonstrated a strong commitment to advancing DeKalb County's redevelopment goals. The acquisition of 4380 Memorial Drive is expected to enhance the county's operational capabilities and represents a significant investment in the community's future.

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