The Johns Creek City Council has approved lease-purchase agreement with the Georgia Municipal Association and financing in connection with its acquisition of a building at 11360 Lakefield Drive earlier this year for a new city hall.
The lease-purchase will be part of the municipal association’s Bricks and Mortar Financing Program.
The city intends to issue certificates of participation that would reimburse its general fund the $10 million spent to buy the building, as well as provide $14 million for the expansion and renovation of the property, according to a staff report to the council.
A private placement is planned through JPMorgan Chase Bank with a tentative interest rate of 2.58 percent.
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