FOR IMMEDIATE RELEASE
March 18, 2010

Contact: Sonya Moste, Director of Marketing and Public Relations

Phone:   404.614.8281

E-mail:   smoste@atlantada.com

Atlanta Development Authority Names Interim President

The Board of Directors for the Atlanta Development Authority (ADA) today announced its interim president for the organizations charged with promoting economic development for the city of Atlanta.  Current President Peggy McCormick, who offered her letter of resignation today, will remain on till March 31. McCormick began her career with the city in 2002 as co-chair of Mayor Franklin’s transition team. She took the helm of ADA in January 2007. Under her leadership, ADA has raised its profile and is recognized as being one of the most productive and effective economic development firms in the country. 

“Every day, our incredible team, our board and all of our economic development partners focus on achieving the aggressive goals of the mayor’s Economic Development Plan,” McCormick said. “Together we have made a positive impact on economic development for our city, for the people and employers that call Atlanta home and for the millions that visit each year.”

Ernestine Garey has been named interim president until a permanent replacement is found. The board, chaired by Mayor Kasim Reed, will conduct an executive search.

Garey has served ADA as the managing director of housing finance for more than ten years. Garey has been instrumental in the issuance of more than $1 billion in housing revenue bonds since 1986, creating more than 15,000 units of affordable workforce housing, both rental and homeownership, in the city of Atlanta.  Prior to assuming her position as managing director, she served as compliance administrator and deputy director of the Urban Residential Finance Authority for more than 12 years prior to its consolidation with the Atlanta Development Authority.

Garey has a master’s degree from Clark Atlanta University. She is the incoming vice president of the Board of Directors for the National Association of Local Housing Finance Agencies, the premier advocacy group of affordable housing professionals.

“I am honored that the board has selected me and I look forward to working with a great team and continuing to make a difference for the city of Atlanta,” Garey said.

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.   

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