Gwinnett leaders sell bonds for mall purchase
Gwinnett County Commissioners Tuesday agreed to issue $23.5 million in bonds to finance their purchase of Gwinnett Place Mall.
The bond sale, which will be done through the county’s Urban Redevelopment Agency, will cost $1.45 million a year through 2041 with a 2.11% interest rate. Gwinnett County is scheduled to close on the purchase March 11.
Commissioners on Tuesday also approved measures that asked state legislators to nearly double the salary of the commission chairwoman, and agreed to support a proposal that would change how members of the county’s elections board are selected.
The 39 acres the county is buying at I-85 and Pleasant Hill Road near Duluth includes Gwinnett Place’s interior, among other land.
Three anchor tenants remain: Macy’s, Beauty Master and MegaMart. Each of those anchors own their own property and will not be part of the sale. Additionally, the former Sears property is owned by a developer, Northwood Ravin.
Plans for the mall are not yet known.