The Development Authority of Fulton County has approved a $7.35 million bond inducement resolution for Atlanta International School’s purchase of the Brandon Hall School property in Sandy Springs.
The documentation, which can be read below, was approved by the Fulton County Commission at its Oct. 4 meeting.
“The project will not impact the tax rolls, and neither the Development Authority of Fulton County (DAFC) nor Fulton County will guarantee the debt or be obligated on the debt. The DAFC is merely facilitating this project as permitted under federal tax law,” Daniella Gutierrez, Marketing & Community Relations Manager for the Development Authority, told Rough Draft Atlanta.
The approval was part of a federally tax-exempt bond transaction to benefit Atlanta International School (AIS) not to exceed $11.95 million in the aggregate, according to the approved resolution.
AIS will use the funds to finance or refinance the costs associated with the acquisition of land, buildings, improvements, and equipment related to the campus at 1701 Brandon Hall Drive, according to documentation.
AIS is a private, non-profit institution for kindergarten through 12th grade featuring full and dual-immersion language programs. Its main campus is located at 2890 North Fulton Drive in the Garden Hills neighborhood of Atlanta.
Brandon Hall School closed in May for financial reasons. An attorney for the school said a motion has been filed in U.S. Bankruptcy Court to allow the sale of the property to pay off creditors.
