Sandy Springs Approves Windsor Parkway Loan Terms

The Sandy Springs City Council on Tuesday agreed to the terms of a loan/grant to make improvements to one of its major intersections.

The council unanimously approved the terms and conditions of the Georgia Transportation Infrastructure Bank Loan/Grant, which awarded to the city in May to make improvements to Windsor Parkway at Roswell Road/S.R. 9.

Council member Ken Dishman was not present.

Sandy Springs was approved by the State Road and Tollway Authority for a $2.75 million loan and a $750,000 grant.

The project project would re-align Windsor Parkway north of its current intersection with S.R. 9/Roswell Road, add two westbound left turn lanes, one through-right turn lane and increased signal separation from West Wieuca Road. The project is designed to improve safety, reduce traffic delays and connectivity among adjacent lane uses through the removal of split-phase signal timing and the addition of turn lanes, sidewalks and pedestrian crossings.

Administered by SRTA, the Bank is a revolving infrastructure investment fund established in 2008 by the Georgia General Assembly.

The estimated total cost of the project is $4.9 million, which would include $1.42 million in impact fees, $2 million in Development Authority bond financing and the possible reallocation of capital improvement program funds.

The council’s approval also reduces the amount of funds needed from the city’s Impact Fee Fund to finance the project and its impact to the city. The $2.75 million loan represents about 56 percent of the total project’s cost, and the loan rate is set at the state borrowing rate of 1.6 percent.

The loan term is ten years with the option, after a three year spend down period, to prepay with no penalty. A one percent fee will be required at closing contingent on SRTA’s approval. The $750,00 GTIB grant represents approximately 15 percent of the total project cost.

City Manager John McDonough said the city plans to service the debt to the Bank through a payment in lieu of taxes program with the developer of the retail and residential project slated to come to the area.

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