The Atlanta City Council will hold a special-called meeting at 12 p.m. Wednesday, Oct. 24 in the Council Chamber. The council will consider several legislative items related to the Atlanta Gulch Project. CIM Group has submitted a proposal to develop the Gulch, a 40-acre underutilized tract of land in downtown Atlanta, into a $5B mixed-use development.
Mayor Keisha Lance Bottoms’ administration announced that it will present an amended Gulch proposal to City Council that will eliminate the planned 10-year extension of the Westside Tax Allocation District (TAD). The TAD was created in the 1990s and allows local government to freeze property tax collections at current levels for a period of time and use future expected increases in property values over many years to fund infrastructure and other improvements in the district. CIM Group’s development will benefit from TAD financing of infrastructure improvements. Without the extension, the Westside TAD will expire in 2038.
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