ATLANTIC
STATION
Atlantic Steel
Brownfield Tax Allocation District
Tax Increment
Financing
The Atlantic Steel Brownfield Tax
Allocation District (Tax Allocation District #2) was established
for the purpose of publicly financing certain redevelopment and
clean-up activities on the Atlantic Steel Mill site. Due to the lack
of public infrastructure on this site and the public's interest to
see that it is developed in a regionally responsible manner, a tax
allocation district was established to help finance public
infrastructure. A tax allocation district derives its funding from
the increase in the redevelopment area's ad valorem taxes and/or
sales taxes levied by the city, county and school system. Increased
revenues generated from new development within the boundaries of the
District can then be used to pay for infrastructure costs associated
with new development or public improvements. Redevelopment costs for
Atlantic Steel will be financed through the issuance of tax
allocation bonds.
ATLANTIC STEEL
REDEVELOPMENT PLAN
Click to view and print Atlantic
Steel Redevelopment Plan
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EXECUTIVE SUMMARY
The City of
Atlanta proposes the
creation of the Atlantic Steel Brownfield Redevelopment Plan and Tax
Allocation District (ASBTAD) for the following reasons:
-
Make possible the redevelopment of over
138 acres of under-utilized real estate which, has been
contaminated due to almost a century of heavy industrial
use.
-
Make
maximum use of alternative transportation modes to minimize
congestion and improve air quality.
-
Lay framework for a more pedestrian
friendly City into the next century.
-
Provide
mixed-income housing for wide range on income
levels.
-
Create large number of jobs with wide
range of skill levels.
-
Create a 24-hour environment where one can
live, work, and play.
-
Encourage additional development on the
perimeter of the redevelopment area.
-
Provide the basis for enhanced property
and sales tax revenues for the City, County, School System, and
State.
-
Create a financing tool for transportation
and other infrastructure to improve and connect major activity
centers to each other and the existing MARTA heavy rail
network.
Overview of Tax Allocation Districts:
Tax Allocation Districts (TAD) are
authorized in Georgia
under the Redevelopment Powers Act, Chapter 44,
Title 36. A Tax
Allocation District, typically referred to as Tax Increment
Financing, is a tool used to publicly finance redevelopment
activities in underdeveloped or blighted areas. A tax allocation district
derives its funding from the increase in the redevelopment area’s ad
valorem and/or sales taxes levied by the city, county, and school
system. These revenues
are placed in a special redevelopment fund for the area and are used
to directly pay for the redevelopment costs or to issue bonds to pay
for redevelopment costs.
The ASBTAD qualifies as a redevelopment area under this
statute for environmental and underdevelopment characteristics.
Plan
Goal/Vision:
While capitalizing on the
EPA Project XL Program and the potential to redevelopment a
brownfield site into an environmentally sensitive development, the
Atlantic Steel Project will lay the framework for a more pedestrian
and transit oriental city.
This project will transform east/west links into more
efficient, aesthetically pleasing transportation corridors and
create a financing vehicle for a mass transit link between the Arts
Center MARTA Station and points beyond. The ASTAD will also
facilitate the redevelopment of area corridors and improve
infrastructure throughout the redevelopment district. It is intended that TAD
proceeds derived from within the 138 acre Atlantic Steel Site will
be dedicated to the infrastructure needs of the master redevelopment
plan of that site until which time all needs within that development
have been meet.
EMPLOYMENT
POTENTIAL
Up to 2000 jobs related
to construction, retail, business and office services will be
available. Retail
positions are currently available.
LEASING
INFORMATION
For leasing information, please
contact:
Success 2000 Commercial Realty
Group
Sharon Potts Benjamin
771 Spring Street,
Northeast,
Atlanta ,
Georgia
30308
Telephone: (404) 478-0055
Facsimile:
(404) 478-0057
or
The Shopping Center
Group
Andrew Salomon
3101 Tower Creek Parkway, Suite
200 ,
Atlanta ,
Georgia
30339
Telephone: (770) 955-2434
Facsimile:
(770) 951-0054
