October 21, 2010
More than $265 million in redevelopment and infrastructure projects are moving forward within the city limits of Atlanta as a result of $35 million in local and federal incentives facilitated by the Atlanta Development Authority (ADA) and the Atlanta Urban Redevelopment Agency (URA). The Atlanta URA was created in July 2010 by the City of Atlanta to accept a sub-allocation of Recovery Zone Economic Development Bonds as authorized by the U.S. Treasury under the American Recovery and Reinvestment Act of 2009.
“As the city of Atlanta’s economic development agent, we are helping the administration bring its agenda to life,” said Ernestine Garey, interim president of ADA. “We couldn’t do it without the leadership of a very passionate and engaged board of directors, chaired by Mayor Kasim Reed, who support our staff and enable us to execute with excellence.”
The ADA today approved $1.7 million in tax allocation district (TAD) grants to be allocated for two deals: Screen Gems at Lakewood Fairgrounds in the Metropolitan TAD and Everest College at Greenbriar Mall in the Campbellton Road TAD. These are the inaugural transactions for ADA’s commercial corridor TAD program that launched in June 2010.
Along Peachtree Street, architecture firm Perkins+Will’s new office has been approved by the ADA board to receive $10 million in federal Recovery Zone Facility Bonds. ADA will serve as the conduit issuer of these bonds. Aside from the Fulton County library housed on the first floor of 1315 Peachtree Street, the building has been vacant for more than two years. As a transit-oriented development (near a MARTA station) utilizing green technologies in its construction and design, this project supports the city’s sustainable initiatives.
The City Hall East redevelopment project, located along the Atlanta BeltLine, is one step closer to closing. The action taken today by the ADA board authorizes ADA to enter into an agreement with the city to transfer the property from the city to ADA and complete the sale to developer Jamestown Properties. Once back in private hands, it is anticipated that this property will return to the tax rolls and generate about $80 million in sales and property tax revenue for state and local governments, $163 million in new consumer spending and $528 million in new wages over ten years.
The Atlanta URA approved a pricing resolution that will generate $22.5 million in capital for the City of Atlanta to pay for a portion of the costs associated with various public infrastructure projects, including the Atlanta Streetcar, a replacement bridge on Edgewood Avenue and 67 intersection and street improvements throughout the city. Closing is expected before the end of the month.
These investments are projected to bring about 729,000 square feet of mostly vacant, currently unusable commercial space back to productive use. The types of jobs these investments will create include jobs in film production, office administration, higher education and workforce training, retail, architecture and construction. The areas in which these investments are planned to occur include the commercial corridors of Peachtree Street, Ponce de Leon Avenue, Auburn Avenue, Campbellton Road and Metropolitan Parkway.
ABOUT ATLANTA DEVELOPMENT AUTHORITY
The Atlanta Development Authority is the official economic development agency for the city of Atlanta. ADA represents intown Atlanta, which has a population of 530,000 and growing. ADA is a research-based economic development organization, focused on residential, business and investment growth in the city. Visit www.atlantada.com