Atlanta May Need to Help Finance Sale of Ft McPherson

first_img Dan Cohen AUTHOR The Atlanta City Council this week approved extending a $13 million line of credit to the Fort McPherson LRA, allowing the purchase of 330 acres of the post by filmmaker Tyler Perry to go ahead.Mayor Kasim Reed requested the line of credit as a backstop in the event the McPherson Implementing Local Redevelopment Authority (MILRA) is unable to pay the Army the $26 million it is asking for the 488-acre installation.Reed told the council it needed to act with urgency, reported the Atlanta Business Chronicle. “This deal is getting ready to fall apart because of the time it’s taken to get done,” Reed said. “We are at a moment when we need to close,” the mayor said.Perry agreed in August to purchase the property on the southwest edge of Atlanta for $30 million to build up to 16 sound stages. The LRA is scheduled to make a $13 million payment to the Army when it closes on the sale in the coming months, with a second payment of $13 million due in 2018.Perry is expected to pay the authority $20 million this year, and the remaining $10 million after the Army cleans up and releases 22 acres of land that is contaminated. The process that could be completed as early as next year, MILRA Executive Director Brian Hooker told the Atlanta Journal-Constitution.If that land is not turned over by 2018, however, the LRA would be forced to rely on the city to cover its final payment to the Army.last_img

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