Dunwoody City Council Members unanimously approved financing to close on the purchase of more than nine acres on Vermack Road for additional park space.
Dunwoody, GA – June 15, 2021 – During a meeting last night, the Dunwoody City Council unanimously approved the financing needed to close on the purchase of two residential parcels on Vermack Road for a future park. The combined size of the parcels, located at 4809 and 4819 Vermack Road, is 9.29 acres and includes an open field and a wooded area.
“The public response to this plan has been overwhelmingly positive,” said Dunwoody Mayor Lynn Deutsch. “This is a great opportunity, and I look forward to working with the community to shape this space.”
After last night’s Council meeting, Mayor Deutsch signed the documents for the purchase of the property for $5.67 million, which will be financed over 15 years at an interest rate of 2.06% with no pre-payment penalty. The purchase is being made through the Georgia Municipal Association’s Bricks and Mortar Installment Sale Agreement Financing Program. It’s a lease-to-purchase financing structure that follows the model used for Dunwoody City Hall in 2016.
“It’s rare in a city that’s 13 square miles to find a piece of property that’s almost 10 acres in size,” said Dunwoody City Manager Eric Linton. “I see so much potential and consider this a generational move.”
Closing is scheduled for June 28. This acquisition will put the City over the 200-acre mark for park space. There are no immediate plans for the property. Future decisions will be led by community input.
(Photos – Vermack property rainbow by Travis Reid; Signing photo: City Attorney Bill Riley, Parks Director Brent Walker, City Manager Eric Linton, Bond Counsel James Woodward, Finance Director Linda Nabers, Mayor Lynn Deutsch; Council approval: Back row – Parks Director Brent Walker, Councilmember Jim Riticher, Councilmember John Heneghan, City Manager Eric Linton, Front row – Finance Director Linda Nabers, Councilmember Pam Tallmadge, Mayor Lynn Deutsch, Councilmember Stacey Harris, Councilmember Joe Seconder.)
