Developer of The Gathering at South Forsyth disappointed with changes before vote
Board members voted to move forward with a financial study to determine if a mixed-use development and arena in south Forsyth County is worth it during a meeting on May 9, 2023. (Supplied)
FORSYTH COUNTY, Ga. - Four out of five Forsyth County Commissioners voted in favor earlier this week of allowing The Gathering at South Forsyth’s proposed project to move forward.
However, unexpected changes to the Memorandum of Understanding (MOU) during the meeting, not agreed upon by the County negotiation team, mean that further attorney review is necessary before the MOU can be fully executed, according to a representative for the developer.
PREVIOUS STORY: ‘The Gathering at South Forsyth’ gets the green light
The project's vision, unchanged since negotiations commenced last year, aims to establish a multi-billion dollar mixed-use entertainment complex on the border of Forsyth County, the developer says. The ambitious venture also seeks to attract an NHL hockey team to Georgia, which is currently one of only two top 10 media markets without an NHL franchise. The developer says that the objective of the vote was to present a binding MOU with firm commitments for financing and planning to the NHL. Despite the majority vote in favor, the approved MOU did not meet this objective, according to the developer.
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Vernon Krause, President and CEO of Krause Sports and Entertainment and project owner, expressed disappointment at the last-minute changes, stressing the importance of negotiating in good faith. Krause emphasized the project's potential to enhance community engagement and elevate residents' quality of life. However, he hinted at a potential reevaluation of efforts if negotiations do not proceed satisfactorily.
"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.
Seventeen residents voiced support for the project during the meeting, with only a minority expressing opposition. Krause acknowledged the community's overwhelming support and underscored the project's significance beyond mere infrastructure, highlighting its potential as a cultural landmark for future generations.
The Gathering at South Forsyth project is set to be self-funded through a tax allocation district (TAD), alleviating the need for taxpayer support.