Mayor Keisha Lance Bottoms and Atlanta Public Schools Superintendent Dr. Meria J. Carstarphen have reached an agreement 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 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;
- 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.
Both the City of Atlanta and Atlanta Public Schools will present the proposed deal to their respective legislative bodies this Monday, January 7, 2019. Atlanta City Council is expected to convene its first full Council meeting of 2019 at noon on that day.