FORSYTH COUNTY, Ga. — Forsyth County officials drew cheers from hockey enthusiasts after approving a formal agreement March 26 with The Gathering at South Forsyth, a development that proposes to bring an NHL franchise to its campus.
More than a dozen people donned jerseys and red shirts in a show of support for the $2 billion development off Ronald Reagan Boulevard and Union Hill Road.
The agreement commissioners approved in its 4-1 vote outlines a $225 million commitment from the county — a lot less than an initial proposal it tossed out in January.
The measure outlines terms and allows Gathering staff to begin pre-construction planning, pending amendments to the Ronald Reagan and Union Hill overlay. Commissioner Todd Levent cast the dissenting vote.
The commission vote didn’t draw the same enthusiasm from developers.
While the development has earned a green light from the county, The Gathering staff said commissioners’ last-minute changes to the contract require further legal review before it accepts the terms.
“The goal for the vote last night was to bring a binding [memorandum of understanding] with firm commitments for both financing and planning to the NHL,” project staff said in a statement. “While a majority of the County Commission voted yes, the MOU that was approved last night did not meet that goal.”
The county has agreed to commit $225 million in revenue backed bonds to finance the 700,000-square-foot hockey arena and a parking deck if The Gathering lands a National Hockey League franchise. The bond would be issued by the County Development Authority.
Revenue bonds are issued by local governments to fund specific projects. Revenue generated from the project is then used to repay the debt. Taxpayers do not fund revenue bonds, unlike general obligation bonds.
In a nonbinding agreement the Board of Commissioners…
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