The two authorities that could potentially issue $72 million in bonds for a 372-acre youth sports complex in southwest Cobb differ considerably in membership and bond experience.

Commissioner Bob Ott said the Cobb Board of Commissioners would designate an authority to issue the bonds if the complex is ultimately approved by the board. Ott's initial impression was that the Cobb Recreation Authority would be the group to issue the bonds, but said it has not yet been decided. The decision is "far off," he said, as the board first has to see positive results from a financial feasibility study before any public money is spent.

Tim Lee, a former commissioner and current county chairman candidate, said it was likely to be the Development Authority that would issue the bonds, though he also noted that no authority has been officially designated and that the entire idea would hinge on the results from the financial feasibility study.

Dream Parks Management, LLC, made up of five Cobb residents from various backgrounds, is seeking $72 million in bonds backed by the good faith and credit of the county to build a sports complex in Powder Springs that would house the headquarters and 16 baseball fields for Perfect Game USA, which is currently headquartered in Cedar Rapids, Iowa. The complex could also include 12 fields for soccer and lacrosse, three other company headquarters, and retail space for hotels, shops and restaurants. The Board of Commissioners on Tuesday voted 4-0 to allow the Development Authority of Cobb County to fund up to $450,000 for the feasibility study with the stipulation that Dream Parks first funds a financial feasibility study performed by a firm of the Board of Commissioners' choosing.

The Development Authority has remained active in bonds, while the Recreation Authority, which is made up of the Board of Commissioners, has only issued three bonds since the 1960s, according to minutes.

The Recreation Authority issued a $1 million bond for the Pinetree Country Club in 1962, $1.1 million for the Arts Place at Mountain View in 1989 and $7.2 million for the Cobblestone Golf Course, then known as the Lake Acworth Golf Course, in 1992. The authority has not met since June 27, 1994, to approve minutes from a previous meeting. Lee acknowledged that the bond agreement with the Recreation Authority would essentially be an intergovernmental agreement, much like the bonds that were issued for the Cobb Energy Performing Arts Center, and would require no public vote.

The Development Authority, however, has remained active, though not as active as previous years due to the decline in the economy, Executive Director Don Beavers said. The Development Authority receives its funding through a percentage of the bond agreements it makes with companies, and keeps that money to fund future studies relevant to economic development in Cobb. Beavers said there is currently $929,000 in the Development Authority's fund, with $473,000 kept in the Bank of North Georgia and the rest spread out amongst 13 other Cobb banks.

Beavers, who is also CEO of the Cobb Chamber of Commerce, said the Development Authority issues, on average, four to five bonds a year for companies seeking to locate to Cobb County, though he said the authority really certifies the bonds rather than outright issuing them, as the process is complicated.

"We make sure these bonds meet state and federal regulations, that they will create jobs and a better quality of life for Cobb residents, etc.," Beavers said. "Right now, they have to be seeking at least $2 million for it to be worth going through the process, and the highest of recent has been around $42 million."

Beavers said he is not paid for his position as executive director on the authority, and that no staff or member of the authority is paid for his or her time. Beavers also said the last bond that was approved and traveled through the entire bond process in the past month was for Landmark Bank. Beavers said there are also four others that are currently in development.

Beavers said Development Authority meetings are held on the third Tuesday of each month, if there is business to discuss. The next meeting is scheduled for Tuesday, April 20, at 11 a.m.

Members of the Development Authority include state Rep. Don Wix; Waste Management Communications Manager and District 3 Commissioner candidate JoAnn Birrell; MDJ Associate Editor Bill Kinney; Marietta accountant Bob Morgan; Robert Pruitt of Atlanta; Vinings Bank executive Clark Hungerford; and Bank of North Georgia Senior Vice President Libby Pitner.