Redlight the Gulch will hold a rally today at noon on Mitchel Street outside of City Hall to demand that the Atlanta City Council votes no on the proposed Gulch development. The group will rally before entering the city council meeting where the Council plans to approve or deny the Gulch proposal today.
Mayor Keisha Lance Bottoms recently presently significantly new terms negotiated with the CIM Group to redevelop the currently underdeveloped Gulch property in the heart of downtown Atlanta. As part of the new agreement, the maximum authorized TAD bond amount has been reduced from $625 million to $40 million. If approved, the agreement would result in the transformation of 40 acres of underutilized land into office, residential and retail space and add new infrastructure, roads, sidewalks and city parks to downtown Atlanta.
“Our team has worked nonstop over the last several months to structure a deal that would not just bring much needed development to the westside of downtown, but most importantly, would benefit communities throughout Atlanta,” said Mayor Bottoms. “With the inclusion of millions of dollars towards affordable and workforce housing, economic development, and job training, this historic agreement is vastly different than any other negotiated by our City.”
The new plan, which was presented to the Atlanta City Council for their review includes a number of redefined terms which place more financial responsibility on the developer while still preserving over $150 million in previously non-existent public purposes initiatives focused on affordable housing, safety and economic development.
Currently, there are almost no property tax dollars generated within the 40-acre Gulch. After the proposed development, the area is projected to generate approximately $21 million to $35 million in property tax annually. The planned development will not only expand the city’s tax base but also deliver tens of millions in significant investments related to affordability, equity, and opportunity.