Sangamon Sun

City of Atlanta issued the following announcement on Jan. 7.

Mayor Keisha Lance Bottoms issued the following statement upon the passage of a resolution cementing an agreement between the City of Atlanta and the Atlanta Public Schools System on validation of the Gulch development bonds.

“Today’s agreement brings the City to the final stages of what truly represents public-private innovation at its finest, revolutionizing economic development in Atlanta for generations to come,” said Mayor Bottoms. “The passage of the APS Intergovernmental Agreement will elevate Atlanta’s schools, ensure more equitable development across the city and kickstart the transformation of the Gulch-- one of the most significant redevelopment projects in the history of Atlanta. Thank you to the many members of our Administration and stakeholders who helped bring this deal to fruition. This is a remarkable day, as we take a historic step towards continuing our city’s progress, leaving no community behind.”

The agreement is hallmarked by four main pillars:

· APS will continue its participating partnership in the Westside TAD through 2038, including by joining with the City and the State of Georgia in the support for the Atlanta Gulch Project;

· COA will agree to a $10mm reimbursement of educational and infrastructure development costs incurred by APS on completed projects in the Westside TAD and an additional $1.25mm each year from 2020 to 2023, bringing the total reimbursement of such costs to $15mm;

· APS will agree to a participating partnership in Atlanta’s four commercial TADS for 30 years. The four TADS are Campbellton Road TAD, Hollowell/M.L. King TAD, Metropolitan Parkway TAD and the Stadium TAD. APS’ participation provides enhanced and more immediate financial viability to the TAD incentives that can be provided in these areas of the City.

· COA will pay off bonds on the Eastside TAD; COA will then make annual payments in lieu of taxes (“PILOT payments”) of APS’ portion of increment through the remaining life of the Eastside TAD. COA will continue to accept and review applications for funding for development projects within the Eastside TAD.

Original source can be found here.