AGENDA ITEM SUMMARY
Consider an Intergovernmental Agreement between the City of Griffin, Spalding County, and the G-S Airport Authority, authorizing the transfer of real property to the Airport Authority, for the provision of Aviation Services by the Airport Authority, and authorizing a lease-purchase of certain Airport property to Spalding County. City Manager Kenny Smith and City Attorney Drew Whalen will address. Approved
| SPECIAL CONSIDERATIONS OR CONCERNS: |
This IGA was recommended at the joint City, County, Airport Authority meeting held on July 25, and approved in final form by the Spalding County Commission on August 4, 2014. This IGA authorizes the transfer of real property to the Airport Authority, authorizes the issuance of bonds not to exceed $7 million for construction of a new airport and provides for the provision of aviation services to cover the debt. It further authorizes a lease purchase agreement for Airport Road Park and the Sheriff's Hangar to Spalding County.
Staff recommends approval
City will make 100% of Interest Only payments first 3 years of debt service. City / County will each pay 50% of debt service remainder of life of bonds with County reimbursement to City of first 3 years interest during the life of the bond. |