Fresh Loaf

Beltline bonds scheduled to be priced this week have been delayed until mid-October, a spokesperson for the 22-mile loop of parks, trails and transit says. Project leaders say the bonds — estimated to be worth $117 million — are now scheduled to be issued the week of Oct. 20.

Timing is of the essence, however, as that issuance cuts close to an Oct. 31 deadline to settle outstanding debt on a vital piece of property in northeast Atlanta near Piedmont Park. The property includes transit right-of-way and was purchased late last year from Gwinnett County developer Wayne Mason and his son, Keith. The decision to allocate the majority of Beltline bond proceeds to the Masons was opposed by community groups, but ultimately determined necessary to ensure the future of the project.

Should Beltline leaders not settle the Mason debt by the deadline, the property could risk foreclosure, placing valuable intown property on the real-estate market and in turn, making it harder to secure.

The national market for municipal bonds — for years the go-to financing mechanism that’s kept cities apace — has been essentially closed since the fallout on Wall Street, leaving many projects as grand as the Beltline and as everyday as highway repairs in a lurch. Athens-Clarke County recently put three long-planned sewer treatment plants, to be paid for with bonds, on the backburner until the market improves.

Atlanta is currently sitting on four upcoming bond issuances: The Beltline and Perry Bolton TAD bonds, the General Obligation refinancing bonds, and the Downtown Redevelopment bonds. Dana Boone, the city’s debt and investment chief, says most buyers in the market are hesitant to make purchases until Congress acts on the controversial bailout package. (The U.S. Senate approved the $850-billion, 450-page package last night.)

“The belief is that there are not a lot of issuances going out to market and postponing deals because there aren’t a lot of buyers in the market,” Boone says. “The costs would be too high. The issuers that are pursuing bond issuances are those with high needs.”

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The Army Corps of Engineers’ regional headquarters in Mobile, Ala., has seen fit to issue a news release explaining that Georgia’s new, Sonny-signed law allowing guns in taverns, parks and subway trains does not apply to the lakes and parkland it manages. Here’s an excerpt from the release:

“This clarification was prompted by several inquiries received by the Corps concerning the law and media reports about the law’s application to parks,” said E. Patrick Robbins, Public Affairs Officer, Mobile District.

Robbins, however, does not indicate whether the inquiries came from people worried about recreating amid heavily armed crowds or from folks eager to bring their shootin’ irons to a federal reservoir. This being Georgia, you never know.

We haven’t heard from the Department of the Interior yet, but we’ll go ahead and note that the new state law doesn’t apply to any federal property, such as Kennesaw Mountain National Battlefield Park, the Chattahoochee River Recreation Area or the MLK Historic Site.

If you’re confused about what rules apply where, you might just want to leave the Smith and Wesson in the glove box, like God intended.

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Per Mayor Shirley Franklin’s suggestions to the council, 11 recreation centers in the city are to close down for repairs. No word on the specific centers yet. Dianne Harnell Cohen, director of the city’s Department of Parks, Recreation and Cultural Affairs, says the centers were planned to be closed before the $140-million shortfall:

“We will be renovating 11 recreation centers for the Opportunity Bond, which must be spent during the 2009 budget. The renovations were planned before the need for budget cuts was determined. We will have some abbreviated hours at the recreation centers, tennis centers and natatoriums. We will have 19 Camp Best Friends sites this summer. All youth athletic activity will continue in place.”

Two rec centers will be shutting down permanently, as well. Again, from Director Cohen:

“The Cleveland Avenue recreation facility, owned by Fulton County, was used only in the summer. The facility is very old and is no longer functional. There are no plans for renovation because one of our best facilities - a class 4 facility Rosel Fann with full gymnasium and natatorium is less than a mile away.

The Arthur Langford recreation facility has been under discussion for a long time because the YMCA built its new mega center there a year ago. We have been working with the community and will continue to in order to integrate programming at the center with the YMCA so the entire community and the building can be well served.”

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