“The site along the Jimmy Carter Boulevard corridor is one of the premier pieces of real estate in metro Atlanta, which makes this a good deal for our community and a strategic investment in its long-term success,” Gwinnett Commission Chairman Charlotte Nash said in a news release. “This purchase gives us a greater say in the site’s potential redevelopment. I am most grateful to OFS for its willingness to work with the county and to all of the parties involved for making this transaction happen.”
Gwinnett and OFS ratified a purchase-sale agreement in May. The deal includes OFS’ Building 50 — a 422,000 square foot facility that, despite the failure of the much larger movie campus previously proposed by a private developer, is still being used for film production.
Officials have said that the revenues collected from the continuance of such projects — which will still be managed by OFS — should cover the county’s expected annual debt service of around $2.5 million on the bonds it issued earlier this month.
The $35.435 million in bonds issued by the county will be financed at 3.9 percent interest.
OFS will continue its business operations on the 66 acres it still owns on the site.
The Norcross facility has been used for numerous productions