Stonecrest URA executes bond deal for Sears, Sam’s Club buildings

stonecrest bond

Stonecrest pre-closes on bond deal, July 14,2020

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Stonecrest Mayor Jason Lary, along with other city officials signed pre-closing documents today, July 14, 2020, to execute the Stonecrest Urban Redevelopment Agency (URA) $5.4 million bond deal. The transaction included the purchase of the former Sears building and the Tax Anticipation Note for the former Sam’s Club building, which will house the city’s new City Hall and government services.

Mayor Lary, who serves as chairman of the URA, was joined at the pre-closing by Deputy City Manager Plez Joyner; Mayor pro tem George Turner, who serves as Secretary of the URA; Deputy City Clerk Sonya Isom; City Attorney Winston Denmark; and Joy Pealor, who represented bond attorney Nelson Mullins.

City officials called the event “historic,” a monumental step for Stonecrest. The closing will be completed on July 15, officials said.

 

 

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