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Commissioner wants Paulding studio money paid to county even if not required A county commissioner says he supports an economic development agency giving the Paulding government millions of dollars from the sale of a movie studio because the county repaid part of the financing used to build it. Commissioner Ron Davis of Post 1 said he wants the Paulding County Industrial Building Authority to give the $4 million from the sale of its film studio to the county government which has been repaying the bonds used to finance its construction for three years. Commission Chairman Dave Carmichael, who is a member of the building authority, said he favored the authority using the money to build new industrial space to attract more companies to the county. Paulding County owes more than $6 million on the original $7.9 million bond the building authority issued with the county government’s backing in 2011 Please click through to read the complete article.
Paulding board seeking answers about legality of not giving studio sales proceeds to bond payer Can a county authority formed to recruit new industry legally use the money from a sale of a building if someone else has been repaying the loan used to build it? Or must it give the money to the governing body which backed the bond financing used to build the facility? County Attorney Jayson Phillips said he is working to find what state law requires in such cases after County Commissioner Ron Davis asked him to research the issue during a public hearing on the county budget Tuesday, July 23. “I have been asked to review that legal issue by the Board of Commissioners and am in the process of conducting that review” Phillips told a reporter Thursday, July 25. The hearing had evolved into a public debate on whether the Paulding County Industrial Building Authority owed the $4 million it received from the recent sale of its movie studio in Hiram to the Paulding County government. The county government has been repaying the bond since 2016 after the building authority found it did not have the revenue from assets like the movie studio to make the payments. Paulding County owes more than $6 million on the original $7.9 million bond, which included $5.5 million to build the studio. The remainder was for construction of a water tower and hangar at Paulding Northwest Atlanta Airport. Citizen activist Sue Wilkins said the Georgia Constitution required the proceeds be returned to the county government to repay the 2011 bond issue used to build the Atlanta Film Studios Paulding County in Hiram in 2012. Click the link to read the entire article at The West Georgia Neighbor