The Roswell City Council has approved the $2.1 million purchase of open space, known as Seven Branches and the Shirley property, along Holcomb Bridge Road near East Roswell Park.
Roswell is buying about 21 acres and receiving an additional 13 acres as a charitable contribution by the owner, for a total of 34.3 acres, according to a staff report to the council. The sales contract identifies the seller as Shirley Investments LP, Gary W. Shirley, president.
Area residents have urged Roswell to preserve the property as parkland, as it is said to contain the city's last stand of old-growth trees. The land being acquired is the largest of four parcels that make up the Seven Branches tract, according to the Coalition for East Roswell Progress.
The purchase will be financed by a loan from Georgia Environmental Finance Authority Land Conservation Program. The 10-year loan will have an interest rate of 0.5 percent, and annual debt service estimated at $215,337 would be funded through the city’s general fund.
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