Published Saturday, July 19, 2008
Convention center study almost ready
The Newnan Times-Herald
A feasibility study exploring the possibility of building a city-owned conference center in Newnan is almost complete.
Parks Avery, chairman of the Newnan Convention Center Authority, updated authority members on the progress Thursday evening.
Atlanta's PKF Consulting firm is wrapping up a study on the feasibility of Newnan constructing a conference center. If the city decides the project is feasible, then it would have to pick a location for the center.
Atlanta developers Kennedy Capital and Diplomat Companies contacted city officials in December, offering the city land on the east side of Interstate 85 near Lower Fayetteville Road. If the city accepts the offer, the conference center will be built within the proposed Newnan Village Crossing. The proposed multi-purpose, 125.5-acre development is planned to stretch along the east side of Interstate 85 from the Lowe's-anchored Newnan Crossing East shopping center on Bullsboro Drive to Lower Fayetteville Road.
The city also has been contacted by Thomas Enterprises, the development firm of Stan Thomas, developer of Ashley Park. Thomas has offered the city land on the west side of the interstate.
Citizens of Newnan were given the opportunity to have input via surveys that were distributed by the Newnan-Coweta Chamber of Commerce both online and in The Times-Herald. The deadline for surveys to be mailed in was July 7, and the Chamber is going over surveys to create a report on the findings to share with the convention authority and with PKF Consulting. That report should be complete within a week, according to Avery.
At the convention authority's next monthly meeting -- Aug. 21, 7 p.m. at 75 Jackson St. -- Mark Woodson of PKF Consulting is scheduled to give an executive summary of the feasibility study's findings. That study is expected to be complete within two weeks, and will consider the information submitted in the Chamber's mail-in survey, said Avery.
Parks told authority members that he has requested that PKF present the information about the hotel and the conference center separately -- though they would be a single entity -- and he wants the report to compare the pros and cons of each proposed location.
Also during the meeting, William "Bill" Johnston, managing director of public finance at Raymond James & Associates in Atlanta, spoke with authority members about the significance of municipality credit ratings in the current economy, especially when pursuing municipal bonds.
Newnan officials will have to pay close attention to the city's credit rating when deciding whether to pursue a conference center or any other large-scale projects that would require municipal bonds.
Johnston, an expert on the subject, told the authority that when the last rating of Newnan was calculated in 2005, the city had a good credit rating. Since 2005, the city has sold Newnan Hospital and paid off its debt and sold Newnan Utilities' telecommunications system to pay another large debt. Both of the sales accrued $80 plus million and probably further improved the city's overall credit rating, according to Johnston.
Because of the struggling economy, "ratings are more important today than ever before," stressed Johnston. He also believes it's a good time for the city to build a convention center, start on water projects or pursue school system-related plans -- all of which could be constructed under municipal bonds.
"There's a market for bonds -- there will be demand for your bonds," said Johnston.
In other meeting business:
* The convention center authority remains one member short. That member is expected to be appointed by Newnan City Councilman Clayton Hicks at the city council meeting Tuesday evening.
* Authority members will vote on a proposed bylaws change at their August meeting that would change the authority's meeting location from city hall to 75 Jackson St. on a permanent basis.
