Even as the pandemic pauses so many activities across the nation, Downtown Auburn’s revitalization continues to move forward. It’s in a busy, but not-so-visible phase of development. Engineering, architectural, environmental and legal work has progressed, and now financing is secured.

Mayor Blechinger, the Auburn City Council and the Downtown Development Authority voted August 11, 2020 and the Superior Court of Barrow County signed the validation order August 31st. 

The approval calls for $12.5 million in URA Bonds to be issued to finance costs to acquire, construct, and install the new City Hall complex. Funds may also be used for roads, paving, parking, landscaping, and storm water related facilities. The term is 30 years, at an interest rate of 2.7%.

Auburn’s Downtown Development Authority is now also the Auburn Urban Redevelopment Agency (URA). This legal designation allows for the redevelopment of downtown properties with favorable financing terms, such as the URA Bonds. 

The bonds are backed by the “full faith and credit” of the City. Ultimately, the City is responsible for their repayment. Repayment will come from the SPLOST proceeds dedicated to this project as they come in over time. SPLOST funding was also used to purchase the property for this project in 2010. 

Jim Monacell and Ansly Moyer with Smith, Gambrell & Russell, LLP and Andrew Tritt with Stifel Investment Services helped navigate the path for securing financing. Additionally, Kimberly Lyons VP-Senior Analyst with Moody’s Investors Service, Inc. was the bond rating contact. Moody’s Credit rated Auburn at “A1”, citing credit characteristics including, “a small, but growing tax base located in both Barrow (Aa1) and Gwinnett Counties (Aaa) along with stable financial operations including substantial reserves and cash balances and prudent budgetary management”.

Redevelopment of the new City Hall and surrounding area has brought about partnerships with nationally known Architect, Lew Oliver (Serenbe, Pinewood Forest, Vickery), and master developer, Dave Schmit (Schmit+Associates).

The new City Hall will be a 33,000 SF replica of the Perry-Rainey Institute, a building that housed students from 1902 through the 1940’s. It fell into disrepair and was demolished, though the land was deeded to the school system to be used for education. Auburn Elementary now sits on the former Perry Rainey Institute site. Auburn recently renovated the building adjacent to the college, which was built in 1902 to house students. This building is now the Perry-Rainey Center, and will have a view of the new City Hall. Groundbreaking for this project is slated for October 14, 2020.