Invest Atlanta approved the establishment of a Real Estate Technical Assistance and Predevelopment Fund to provide resources to real estate development and economic vibrancy in the historic Sweet Auburn area. At their January 2019 monthly meeting, the Board authorized up to $500,000 in Eastside TAD funding, to be matched by $200,000 from Central Atlanta Progress (CAP).
“This will help those in priority areas like Sweet Auburn do the work they need to do, providing them with expert support to get their projects competitive when they to apply for Eastside TAD funding,” said Jennifer Fine, Vice President of Planning and Strategic Initiatives at Invest Atlanta.
Eastside TAD funding has been successfully deployed to assist numerous catalytic and impactful projects throughout the TAD. As more projects apply for funding, there is an opportunity to focus on activating projects in areas within the TAD that have struggled to realize economic development vitality.
However, much of the underutilized land in Sweet Auburn is owned by local, longstanding religious institutions and nonprofits, many of whom do not have experience with real estate development. These organizations may lack knowledge about real estate, financing, and historic rehabilitation that could hinder them as they pursued available funding resources, including support through the Eastside TAD.
With community engagement support from Sweet Works, Inc., Invest Atlanta, and CAP will expedite delivery of predevelopment support and technical assistance utilizing contracted independent consultants to the broad range of eligible property owners, businesses, and institutions. This support will enable a more complete project application when it is submitted for TAD construction funding in the future.
All property owners within the Sweet Auburn Area will be eligible to request technical assistance from CAP. Experts will provide assistance with feasibility and financial analysis, design services, and cost estimation.