|
The Westside TAD Neighborhood Fund was established in 1998 to promote redevelopment in the Vine City and English Avenue communities. When the Westside TAD was expanded in 1998, these neighborhoods were included and a dedicated funding source was created improve the quality of life in these communities.
The purpose of the Neighborhood Fund is threefold: to positively impact transportation through new and improved linkages between the CBD, Georgia Tech, Atlanta University Center, and adjoining neighborhoods; to improve the community environment for existing and future residents and business through job creation, enhanced quality of life, safety, aesthetic appeal and attractiveness of available sites to private investors; and to increase investments in the area and overcome impediments to development through economic incentives.
Creation of the Neighborhood Fund ensures that the City is promoting balanced economic growth by directing one of its most effective economic development efforts toward distressed neighborhoods that have suffered from a history of neglect. Vine City and English Avenue have ambitious, thoughtfully conceived community redevelopment plans in need of implementation funds. The Neighborhood Fund can also provide funding to jumpstart the revitalization of two high traffic corridors, Martin Luther King Jr. Drive and Joseph E Boone Boulevard.
The Neighborhood Fund is supported by TAD Bond proceeds derived from project increments created in the Downtown Portion of the TAD. When a tax allocation bond issue has been sold, 20% of the bond proceeds supported by Downtown project tax increments are deposited in the Westside TAD Neighborhood Fund. One hundred percent of the net bond proceeds supported by Neighborhood project tax increments are also deposited in the Westside TAD Neighborhood Fund. Projects within the Neighborhood area of the TAD can apply for either TAD or Neighborhood Fund financing or both.
The key policy components of the Neighborhood Fund are as follows:
- Redevelopment Plans: All projects must be in compliance with the applicable area redevelopment plan and/or corridor study
- Projects: Projects will be selected based on the projected impact on the community. The optimal use of public dollars will be sought. We will strive to support projects that will generate the greatest positive economic and/or quality of life impact. The Neighborhood Advisory Board will have input and provide feedback regarding project selection.
- Gap Funding: Demonstrated success in leveraging additional funds from both public and private sources will be taken into consideration. Neighborhood Fund dollars will not be the sole source of project financing. All developers must provide at least 5% equity in the project, which may include land.
- Project Viability: ADA will use the same underwriting criteria we use for all TAD projects in determining the long-term financial viability of the proposed project. Ability to proceed and project readiness will be determined based on the following: site control, financing commitments, construction schedule and projected completion date. Projects demonstrating the ability to commence construction within six months from the date of the award will be given higher consideration.
- Capital improvements: Generally, funds will be provided solely for capital improvements. (Operational expenditures and administrative overhead are expressly prohibited due to federal restrictions on use of tax-exempt bond proceeds.)
- Predevelopment funds: Funding for predevelopment projects and activities will be limited. Evidence must be provided that at least 50% matching funds have been secured by the developer.
- Development Experience: Experience of the development team must be commensurate with the scope and size of the proposed project. Partnerships are encouraged and will receive more serious consideration.
Westside TAD Neighborhood Fund Project Selection Process
PDF: Westside TAD Neighborhood Fund Fillable Application
(deadline Oct 1, 2009)
Westside TAD Neighborhood Fund RFP #3
(deadline Oct 1, 2009)
|
