City of Atlanta and APS Agree on Usage of Gulch Bonds
ATLANTA VOICE — Friday afternoon, Atlanta Mayor Keisha Lance Bottoms and Atlanta Public Schools Superintendent Dr. Meria J. Carstarphen reached an agreement balancing overall support for economic development within the City of Atlanta’s tax allocation districts.
By The Atlanta Voice
Friday afternoon, Atlanta Mayor Keisha Lance Bottoms and Atlanta Public Schools Superintendent Dr. Meria J. Carstarphen reached an agreement balancing overall support for economic development within the City of Atlanta’s tax allocation districts (TADs) with the needs of Atlanta’s public school students.
According to a press release, the proposed 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;
- The City of Atlanta will reimburse $10 million of educational and infrastructure development costs incurred by APS on completed projects in the Westside TAD and an additional $1.25 million each year from 2020 to 2023, bringing the total reimbursement 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, Donald Lee Hollowell/MLK, Metropolitan Parkway and the Mercedes-Benz Stadium. 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, according to a City of Atlanta press release. Atlanta City Council is expected to convene its first full Council meeting of 2019 at noon Monday.
This article originally appeared in the Atlanta Voice.