The city of Chamblee will soon break ground on a new 40,000-50,000 square foot public safety building and 17-acre public park land purchased in late November 2017. Located at 4445 Buford Highway, the building will house the Chamblee Police Department, Municipal Court operations and a publicly accessible 2,700 square foot Community Room. The expected groundbreaking is November 20, and construction is anticipated to last 12 months. The estimated completion date is December 2020, weather permitting.
The new recreational complex will include a nature trail, a regulation-sized athletic field, two multi-use courts, restrooms, concessions, bleachers, athletic lighting, a playground, dog park, community garden and storage for maintenance equipment. The multi-use courts will serve activities such as pickleball, tennis and basketball. Public parking will connect the public safety facility and park space and will serve as joint parking for public safety facility visitors and park attendees. It also will serve as overflow parking for the adjacent Dresden Park.
The city is financing the project through bonds issued by the Urban Redevelopment Agency of the City of Chamblee. S&P Global Ratings recently assigned its ‘AA+’ long-term rating to the Urban Redevelopment Agency’s series 2019 revenue bonds, giving it a stable outlook. This is the second highest bond rating an agency can earn. As a result of this strong financial position, the city was able to secure the bond funding to build the facility and park at an overall interest rate of 2.72% for 30 years.
“We have locked in a great interest rate that allows the city to build a tremendous asset in the Buford Highway corridor,” said Chamblee City Manager Jon Walker. “This is the culmination of more than two years of planning that began as part of the Town Center Master Plan. It is the first city project and investment along Buford Highway and provides a much-needed space for community meetings.”
The long-term rating reflects S&P’s view of Chamblee’s very strong financial position that is supported by a financial management framework they assessed will contribute to long-term stability, stated officials. Strong revenue growth and conservative budgeting have contributed to positive budgetary performance, resulting in the maintenance of a very strong reserve and liquidity position that S&P expects to continue.
“Our top-level ratings are a testament to Chamblee’s position in the market and our sound financial practices,” said Chamblee Mayor Eric Clarkson. “This is great news for our residents. We have a fiduciary responsibility to them, and we take this very seriously. We want to exceed expectations and offer the best service possible while keeping costs low.”
For more information, visit www.chambleega.gov or call 770-986-5010.