Atlanta Classical Academy seeks up to $35 million for its Northside Drive campus

Atlanta Classical Academy is seeking up to $35 million in revenue-bond financing tied to its campus at 3260 Northside Drive NW, with a federal tax-approval step scheduled before Fulton County commissioners on Nov. 4.⁠[1][2]

The supporting packet offers one concrete measure of the project's scale: a borrower report lists a $33,761,797 general construction contract with Hodges & Hicks, awarded Sept. 1. The contract period is marked “TBD.”⁠[2]

The proposed bonds would be issued through the Development Authority of Fulton County, with proceeds loaned to Northside Education Inc., the Georgia nonprofit doing business as Atlanta Classical Academy. The listed purposes include financing or refinancing construction, renovation, equipment and expansion of facilities for the public charter school. Proceeds could also cover reserves, bond interest, working capital and issuance costs—not just construction.⁠[1][2]

The $35 million request is a ceiling, not a guaranteed sale. In an Oct. 28 letter, underwriter Baird estimated it could sell up to $30 million in bonds under then-current market conditions. It said due diligence had not yet been conducted and explicitly warned that the letter was not a commitment to close a bond issue.⁠[1][2]

The county's role does not make this county-backed debt. The authority's public notice says repayment would come solely from borrower revenues, not taxes, and the bonds would not be an obligation of Fulton County or the State of Georgia.⁠[2]

Agenda item 26-0738 calls for Chairman Robert L. Pitts to sign TEFRA documentation. The proposed approval certificate says its purpose is compliance with Section 147(f) of the federal tax code. That scheduled action is an approval step—not confirmation that the bonds have been sold.⁠[1][2]