Mayor Keisha Lance Bottoms office announced via a press release that it has reached an agreement with Atlanta Public School to settle issues regarding validation of the Gulch development bonds. The deal also establishes a framework to balance overall support for economic development within City of Atlanta tax allocation districts (TADs) with the needs of Atlanta’s public school children.
The four main issues addressed in the agreement include:
- APS will continue its participating partnership in the Westside TAD through 2038, including joining with the City and the State of Georgia in the support for the Atlanta Gulch Project;
- COA will agree to a $10 million 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 $15 million;
- 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.
Both the City of Atlanta and Atlanta Public Schools will present the proposed deal to their respective legislative bodies this Monday, Jan. 7.
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