City Finalizes Purchase of 16-acre 'PVC Farm' Property for $5 million

The City of Dunwoody is about to be 16 acres bigger.

Monday night, the city finalized the purchase of the ‘PVC Farm’ property at 4000 Dunwoody Park, at a price of $5 million.

In February, the city signed a purchase contract on the property. Since then the city has done due diligence on the property as well as an environmental study.

The land, which had been developed for multi-family housing, was recently evaluated at $6.5 million, according to City Manager Warren Hutmacher.

While there is enough cash on hand to finance the purchase, the council elected to pay the cost over seven years at a fixed tax-exempt, bank qualified interest rate of 2.24 percent from RBC Bank.

Hutmacher said paying the amount off over seven years will give the city more cash on hand.

The payments are set to begin in October and be completed in April 2018.

The finalization of the purchase was passed 6-0, with councilman Denis Shortal recused himself as an investor in Wells Fargo, the current property owner.

There was no discussion on the purchase by the council

“I think this would be a really big shot in the arm for the Georgetown area,” said Beverly Armento, a Dunwoody resident, during the public comment portion of the meeting.

She asked that the city involve the public figuring out what to do with the property, which is yet to be determined.

There has been some discussion about putting a permanent city hall on the property or putting a park on the property, but no defined plan has been set out for the property.

The city is working to take out the PVC pipes sticking out of the ground, but will leave in the streets that were put on the 16-acre property.