Ichter Prevails in $247.5 Million Bond Validation
On December 11, 2014, Cary Ichter represented the Development Authority of Fulton County in four bond validation hearings at which transactions involving $247.5 million of bond financing were approved. The transactions consisted of $33.5 million for SVC Manufacturing, Inc.; $84 million for Piedmont Realty Partners, LLC; $80 million for Portman 230, LLC and $50 million for The Coca-Cola Company. The bonds were issued to acquire, construct and equip two mixed-use facilities, to upgrade one of only eight Gatorade facilities in the U.S., and to upgrade and renovate the Coke headquarters. It is estimated that the projects will generate approximately 700 new full-time permanent jobs, 12 part-time permanent jobs and 400 construction jobs.
Mr. Ichter has been involved in the validation of nearly $4.6 billion of development bond transactions since 2010. Most of those validation proceedings have been contested, and a number have gone to the Court of Appeals. “I am very pleased whenever we are able to get one of these transactions validated and confirmed, so confirming four makes me four times as happy,” said Mr. Ichter. “We should be doing everything we can to promote economic development and the creation of jobs in Fulton County. It is always nice to win a case, but it is even better to participate in facilitating projects that create jobs, opportunities and prosperity in our community.”
For more information about municipal finance litigation or the commercial litigation practice at Ichter Davis LLC, call Cary Ichter at 404-869-7600.