Last minute changes to the MOU by the County require further negotiations to determine if the developer will proceed
Forsyth County, GA – March 27, 2024 – Last night at a special-called hearing by the Forsyth County Commission, four of five Commissioners voted for The Gathering at South Forsyth’s proposed project to proceed. However, during that meeting, the Commissioners made last minute changes to the Memorandum of Understanding (MOU) that were not originally agreed to by the County team empowered to negotiate. As a result, further attorney review is required before full execution of a completed MOU can be signed. The vision, which has not changed since negotiations began last year, is to create an agreement that allows the parties to achieve their dream of a multi-billion dollar, world-class mixed-used entertainment complex on the border of Forsyth County. This exceptional economic driver for the County would also give the development team the ability to pursue and secure an NHL hockey team to return to Georgia – one of only two top 10 media markets without an NHL franchise. The goal for the vote last night was to bring a binding MOU with firm commitments for both financing and planning to the NHL. While a majority of the County Commission voted yes, the MOU that was approved last night did not meet that goal. “The Gathering at South Forsyth is poised to be a transformative destination, offering a multifaceted blend of entertainment, retail, residential and recreational spaces, all meticulously and sustainably designed to foster community engagement and elevate the quality of life for residents and visitors alike,” said Vernon Krause – President and CEO – Krause Sports and Entertainment and project owner. “However, I was quite frankly shocked and extremely disappointed by the last-minute changes after intense negotiations over the past few months – let alone the past year and half since I purchased the property. My team and I will review the changes to see if we can work toward finalization or end our efforts. The goal continues to be to strike a deal that is beneficial to the county, its residents – of which I am one – and Krause Sports and Entertainment, and present a solid plan to the NHL for consideration as they ponder possible expansion. However, the County cannot keep moving the goal line if that is to happen,” he added. This project signifies an unprecedented public-private partnership for the county, to cultivate sustainable growth and enhance the vitality of Forsyth County and its surrounding areas. Seventeen residents spoke in support of the project for more than 30 minutes, with only four residents showing some opposition. “We were encouraged by the support of the community – but of course, we have been receiving a high level of support since we announced the project. I would hate to disappoint these residents if we cannot get the Commissioners to negotiate in good faith going forward,” added Krause. “This project represents more than just bricks and mortar; it embodies our commitment to innovation, prosperity and community empowerment. It will create a vibrant epicenter that will serve as a cultural landmark for generations to come.” The project will be self-funded through a tax allocation district (TAD) and will not require taxpayer support. To learn more about The Gathering at South Forsyth, visit the website. The Gathering at South Forsyth development team includes Dovin Ficken LLC, Bryan Cave Leighton Paisner, and Miles Hansford, LLC, legal counsel; Stafford Sports, owner’s representative; Nelson Worldwide, land planning; Jones Lang LaSalle, real estate advisors; SCI Architects, arena architects, Kimley-Horn, civil engineering; and Stone Planning, economic impact research. # About The Gathering at South Forsyth Click here to download media assets. Media Contacts: |
Forsyth County, GA – March 27, 2024 – Last night at a special-called hearing by the Forsyth County Commission, four of five Commissioners voted for The Gathering at South Forsyth’s proposed project to proceed. However, during that meeting, the Commissioners made last minute changes to the Memorandum of Understanding (MOU) that were not originally agreed to by the County team empowered to negotiate. As a result, further attorney review is required before full execution of a completed MOU can be signed. The vision, which has not changed since negotiations began last year, is to create an agreement that allows the parties to achieve their dream of a multi-billion dollar, world-class mixed-used entertainment complex on the border of Forsyth County. This exceptional economic driver for the County would also give the development team the ability to pursue and secure an NHL hockey team to return to Georgia – one of only two top 10 media markets without an NHL franchise. The goal for the vote last night was to bring a binding MOU with firm commitments for both financing and planning to the NHL. While a majority of the County Commission voted yes, the MOU that was approved last night did not meet that goal. “The Gathering at South Forsyth is poised to be a transformative destination, offering a multifaceted blend of entertainment, retail, residential and recreational spaces, all meticulously and sustainably designed to foster community engagement and elevate the quality of life for residents and visitors alike,” said Vernon Krause – President and CEO – Krause Sports and Entertainment and project owner. “However, I was quite frankly shocked and extremely disappointed by the last-minute changes after intense negotiations over the past few months – let alone the past year and half since I purchased the property. My team and I will review the changes to see if we can work toward finalization or end our efforts. The goal continues to be to strike a deal that is beneficial to the county, its residents – of which I am one – and Krause Sports and Entertainment, and present a solid plan to the NHL for consideration as they ponder possible expansion. However, the County cannot keep moving the goal line if that is to happen,” he added. This project signifies an unprecedented public-private partnership for the county, to cultivate sustainable growth and enhance the vitality of Forsyth County and its surrounding areas. Seventeen residents spoke in support of the project for more than 30 minutes, with only four residents showing some opposition. “We were encouraged by the support of the community – but of course, we have been receiving a high level of support since we announced the project. I would hate to disappoint these residents if we cannot get the Commissioners to negotiate in good faith going forward,” added Krause. “This project represents more than just bricks and mortar; it embodies our commitment to innovation, prosperity and community empowerment. It will create a vibrant epicenter that will serve as a cultural landmark for generations to come.” The project will be self-funded through a tax allocation district (TAD) and will not require taxpayer support. To learn more about The Gathering at South Forsyth, visit the website. The Gathering at South Forsyth development team includes Dovin Ficken LLC, Bryan Cave Leighton Paisner, and Miles Hansford, LLC, legal counsel; Stafford Sports, owner’s representative; Nelson Worldwide, land planning; Jones Lang LaSalle, real estate advisors; SCI Architects, arena architects, Kimley-Horn, civil engineering; and Stone Planning, economic impact research. # About The Gathering at South Forsyth Click here to download media assets. Media Contacts: |