The city of Brookhaven has received a $5.7 million Clean Water State Revolving Fund loan by the Georgia Environmental Finance Authority executive committee to purchase 33-acres of forested land next to the PDK Airport.
The city is buying the property to preserve as a green space. The DeKalb County Commission approved the purchase for the $5.7 million fair market value of the land in January. The City Council approved the purchase of the property in December.
“We are grateful to GEFA for awarding us this loan, which includes $500,000 in principal forgiveness, for the financing of the PDK Greenspace,” said Mayor John Ernst in a GEFA press release. “It helps us keep the promise we made to our residents to keep Brookhaven green and vibrant.”
According to the city and GEFA, the loan will finance the acquisition of 33 acres of forested land adjacent to the DeKalb-Peachtree Airport (PDK) that will preserve one of the largest remaining tracts of urban forest in metro Atlanta, and help protect the watershed of Peachtree Creek. The land will be publicly accessible and will include unpaved walking trails as part of the green space.
The city will pay 0.89 percent interest on the 20-year loan. The loan will finance an eligible conservation project, which qualifies for a reduced interest rate, and includes principal forgiveness up to $500,000, if all funds are drawn.
“GEFA’s loan programs assist local governments with improving their environmental infrastructure,” said GEFA Executive Director Kevin Clark in the press release. “As part of the Clean Water program, cities and counties can also receive affordable financing for land conservation projects.”