Authority finalizes deal for Drake Field: $1.25 million

By JOHN MUNFORD
jmunford@TheCitizenNews.com

The Peachtree City Development Authority has closed on a real estate deal to purchase the Drake Field area (between City Hall and Lake Peachtree) from Pathway Communities for $1.25 million.

The 10.26 acres has been used as a city park although it was zoned for commercial use. The purchase of the property insures it won't be developed commercially.

Authority Treasurer Tate Godfrey and Authority Attorney Mark Oldenburg handled the financing, getting information from a number of local banks before going with the Bank of Georgia, according to Authority Chairman Tom Farr.

Peachtree City officials have agreed to pay the authority for the purchase in three yearly installments. Each installment will come out to roughly $410,000.

Peachtree City's funds will be supplemented by money from the state greenspace program. The city paid the closing costs for the transaction between the Development Authority and Pathway, leaving the authority to pay just $120 plus Oldenburg's fees.

Plans have been developed for projects to enhance Drake Field, including a natural path system around the perimeter of the park, a wetlands boardwalk/observation area and a central village lawn which could be used for community events. Plans also call for a path to be built between Drake Field and the adjacent Picnic Park, which is separated by a stream.

Those plans will be enacted if voters approve a bond referendum item in the November election allowing $700,000 to be spent on the project. If not, some or all of the projects could be placed in the city's public improvement program and be funded by other sources.

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