At a special called board meeting on Thursday, November 8, Mayor Keisha Lance Bottoms and the Invest Atlanta Board of Directors approved the Gulch development.
As a result of the Gulch development, Atlanta will receive:
- $28 million investment into a citywide affordable housing fund
- Required minimum affordable housing residential units of 200 or 20%, whichever is greater
- $2 million commitment for workforce training
- $12 million investment into a citywide economic development fund
- Commitment to unprecedented levels of minority and female- owned businesses with a goal of at least 38% utilization and an offer of 10% equity
- $12 million commitment towards the construction of a new seven-bay fire station.
Additional terms of the deal include:
- CIM assuming all financial risk, including all design and construction expenses and serving as the sole purchaser of the new TAD bonds
- CIM paying taxes in full, only receiving the benefit of TAD supplemental payments as reimbursements once compliance on obligations and expenses has been independently verified. For qualified expenses, Invest Atlanta will make reimbursement payments to CIM for up to 12.5% of total project costs or through 2038, whichever occurs first
- Reducing TAD bond proceeds available to CIM from $500 million to $32 million, with up to $8 million in bond proceeds available to Empowerment Zone Communities.