ATLANTA - Invest Atlanta today announced that as part of a competitive application process it is seeking qualified developers to submit proposals to develop catalytic real estate projects within the Westside Tax Allocation District.
“This is a call to developers with a vision to unlock the economic development potential of these neighborhoods,” said Ernestine Garey, executive vice president and COO. “We are looking for new, fresh ideas that will offer the downtown community and the surrounding neighborhoods a foundation for sustained economic growth that aligns with the dynamic development that is happening throughout Atlanta.”
Invest Atlanta plans to utilize up to $15 million in available Westside TAD tax increments to provide gap financing for catalytic real estate projects. As part of the process, developers must demonstrate that their project meets the goals of the Westside TAD Redevelopment Plan and that Westside TAD funding is critical to the viability and completion of their project.
Developers will be eligible to receive up to 10 percent of total project costs, inclusive of hard costs, soft costs and land acquisition. Eligible projects must have a total project cost of at least $5 million and be located within the boundaries of the Westside TAD, including the western portion of Downtown, and the neighborhoods of Vine City, English Avenue, and a portion of Castleberry Hill. Applicants must demonstrate experience with real estate projects that have resulted in other economic development or resulted in positive economic impact. The developer’s project-ready plan must also evidence property control, financial feasibility, and market acceptance. Projects will be evaluated on their overall quality and ability to generate significant positive community impact to the Westside TAD.
The RFP can be accessed via the Invest Atlanta site at http://www.investatlanta.com/opportunities/rfp. An informational session will be held at 9 a.m. on June 27, 2014 at the Invest Atlanta offices (133 Peachtree Road NE Suite 2900, Atlanta, GA 30303). All inquiries must be submitted in writing by July 2, 2014 at 5 p.m. Responses are due August 13, 2014 by 5 pm.