Senoia approves proposal on Gin Property maintenance bond

Thu, 11/05/2009 - 4:38pm
By: Ben Nelms

The Senoia City Council Nov. 2 agreed to allow Scott Tigchelaar of Historic Development Ventures (HDV) to purchase a $50,000 Certificate of Deposit in lieu of acquiring a Maintenance Bond for the first five brownstones to be constructed on the Gin Property. Tigchelaar explained that such bonds are not available in the current economic climate.

Tigchelaar said the only infrastructure cost remaining totals $40,000-50,000. Tigchelaar said he was willing to buy a $50,000 CD, give a personal guarantee and monitor the bond market quarterly to replace the CD with a maintenance bond if market conditions improve. The council agreed, voting unanimously to approve the request with the stipulation that HDV return a quarterly quote from the insurance company proving it is actively pursuing the maintenance bond, according to city clerk Debby Volk.

The council also voted to waive several fees relating specifically to one of the brownstones selected by Southern Living magazine as its 2010 Idea House. The council voted unanimously to waive the water and sewer tap fees, water and sewer capital recovery fees and approximately $2,550 in permitting fees on the Idea House, according to Volk.

Construction is essentially ready to begin on the first five Gin Property brownstones. Tigchelaar’s request on fee waivers pertained only to the Idea House. Tigchelaar said the Idea House will be opened for public viewing in mid-summer and that Senoia is expected to benefit from the 30,000-40,000 visitors to the city.

Once completed, the 11-acre Gin Property area will include 75-100 residential units with some home/office options and the possibility of a boutique hotel.

Also at the meeting, residents were reminded of a number of upcoming events to be held in December. Those include Light Up Senoia on Dec. 5, the Clydesdales from 1-3 p.m. on Dec. 13 and the Tour of Homes from 5-8 p.m. also on Dec. 13.

And also upcoming is the Newnan Junior Service League Can-a-Thon to be held Dec. 1 from 8 a.m. until 6 p.m.

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