Friday, March 9, 2001
Friday, March 9, 2001 |
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PTC plans to keep Drake Field a park, agrees to buy 10 acres from Pathway for $1.25 million
By JOHN
MUNFORD The Peachtree City Development Authority has signed an agreement to purchase the Drake Point area (between City Hall and Lake Peachtree) from Pathway Communities for $1.25 million. Development Authority Chairman Tom Farr, announcing the deal Wednesday morning, said it would allow Drake Point to remain a city park although it is currently zoned for commercial use. Over the years, Pathway has allowed the 10.26 acre area (also known as Drake Field) to be used as a city park, Farr said. But recently, Pathway informed the city that it had been approached by several parties interested in purchasing the land for commercial use, Farr added. "At some point, the property was going to be put on the market," Farr said. "We felt it was really up to the city to be able to preserve that." The Development Authority will seek financing for the purchase, which has to be closed on by Oct. 1, Farr said. The date to finalize the deal has not been set yet, he said. Pathway has already received an earnest payment of $160,000 for the property, Farr added. The land was appraised for $1.31 million recently, Farr noted. The city may eventually purchase the land from the Development Authority if funds can be sought from another source, Farr said. There's a possibility state funds could be used from a greenspace preservation program, he added. The authority has granted the city an option to purchase the land in the future if such a grant, or another funding source, materializes. The Development Authority and the city had been discussing the fate of the property over the years, and with little commercially zoned land left in town, that likely meant the land would have eventually sold as a commercial location, Farr said. Instead, city residents will still be able to use the land to feed the ducks on the lake, watch the annual fireworks display and fly their kites on windy days, Farr said.
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