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10th Annual State of Atlanta “A Decade of Extremes”

10th Annual State of Atlanta “A Decade of Extremes”. September 23, 2011. Cheryl Strickland, Managing Director of TADs. Atlanta’s Emerging Markets. Table of Contents. Atlanta Development Authority (ADA) Atlanta’s Emerging Markets ADA’s Economic Development Tools Layering of Tools

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10th Annual State of Atlanta “A Decade of Extremes”

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  1. 10th Annual State of Atlanta “A Decade of Extremes” September 23, 2011 Cheryl Strickland, Managing Director of TADs Atlanta’s Emerging Markets

  2. Table of Contents • Atlanta Development Authority (ADA) • Atlanta’s Emerging Markets • ADA’s Economic Development Tools • Layering of Tools • Who to contact for more information

  3. The Atlanta Development Authority (ADA) • Formed in 1997 as the official economic development entity for the City of Atlanta • Purpose is to accelerate growth of Atlanta’s economy and enhance its competitive position in a 21st century globalized economy • 50 employees, regularly partnering with over 50 economic development organizations • Utilizes the full economic development finance toolbox, including bond finance, revolving loan funds, tax increment financing, and others • Three primary focus areas: • Housing Finance & Development • Small Business Lending and Business Recruitment • Tax Allocation Districts (TAD) & New Market Tax Credits (NMTC)

  4. ADA’s programs are responsible for strengthening Atlanta’s many diverse neighborhoods and creating a business climate where companies can grow and prosper to ensure a continually high quality of life for all Atlantans. New Economic Development Plan (EDP) • Expanded focus on JOBS and GLOBAL COMPETITIVENESS • Business Attraction and Retention

  5. Affordable Housing Developer Incentives Key Developer Incentives Key Incentives Requirements • Multifamily Tax Exempt Bonds • Housing Opportunity Bond Developer Loans • HOME Multifamily Program • Vine City Trust Fund Loans • Homeless Opportunity Fund Grants • Beltline Affordable Housing Trust Fund Grants • Multifamily Rental Developer Incentive • CHDO Rental Incentive • CHDO Single Family Incentive • Single-Family Property Acquisition • Multifamily Property Acquisition • ELIGIBLE DEVELOPMENTS • New construction • Conversion of an existing property not being used for housing • Acquisition and rehabilitation • PROJECT REVIEW CRITERIA • Quality of Development • Creditworthiness of Developer • Financial Feasibility of Project • Affordability Component • Readiness to Proceed • Experience of Development Team • Community Support

  6. Business Engagement • Economic Opportunity Fund – deal closing fund supports growth of targeted industries. Recruits and retains businesses resulting in significant job retention and creation. • Lease Purchase Bonds – partially abates real and personal property taxes for large capital investments. Recruits and retains businesses resulting in significant job retention and creation. • Small Business Loans – Variety of small business loans. • Phoenix Fund: $10k - $100K for 3-7 years at ½ of prime plus 2% • Opportunity Loan Fund: Gap financing from $100k -$200k for 3-7 years at ½ prime plus 2% • SBA 504 lender for loans up to $4M for max of 20 years, rate based on 10-year Treasury • Employee Recruitment and Training Assistance – AWDA assists with employee recruitment, job fairs, customized training, and on-the-job training. • Permitting Assistance – clarify, streamline process, while advocating for developers or tenants

  7. City of Atlanta Tax Allocation Districts (TADs) • Westside (1992, expanded 1998) • Atlantic Station (1999) • Princeton Lakes (2002) • Perry-Bolton (2002) • Eastside (2003) • BeltLine (2005) • Metropolitan Parkway (2006) • Stadium Neighborhoods (2006) • Campbellton Road (2006) • Hollowell/M.L. King (2006) • Financial incentive to jumpstart larger scale major development • Developer enters into Development Agreement with City and ADA • Bonds issued by City • Funds used to achieve City objectives consistent with the Economic Development Plan Stadium

  8. City of Atlanta TADs: Approved Funding Renaissance Walk at Sweet Auburn Capitol Gateway

  9. Downtown Revitalization • Downtown: West of Peachtree including Vine City and English Avenue and East of Peachtree, outside the “Grady curve” • Over $240M in bonds since 2001 • 8% Growth Rate since 1998 (compared to 5% citywide excluding TADs) • Neighborhood Fund in support of Westside neighborhood revitalization • Allocation to Public Purpose Project Fund

  10. Downtown Revitalization Westside TAD & Eastside TAD Westside TAD Eastside TAD

  11. Eastside TAD Renaissance Walk at Sweet Auburn TWELVE Centennial Park Tribute Lofts 30 Allen Plaza

  12. Westside TAD Castleberry Point 55 and 45 Allen Plaza Center for Civil and Human Rights

  13. Connecting Downtown: Streetcar

  14. Atlantic Station TAD 18th Street in The District Publix and TWELVE Beazer Townhomes

  15. Atlantic Station TAD • Facilitate the environmental remediation and redevelopment of this 138-acre brownfield site • Atlantic Station mixed-use community to include: 1.6 million s.f. of retail, 6 million s.f. office and entertainment space, over 4,000 residential units, 1,150 hotel rooms, and create 30,000 new jobs • $76.5 million bond issue in 2001; $166.5 million second funding in 2006 • Base Assessed Value: $7,193,480 • 2010 Assessed Value: $464,814,470

  16. City of Atlanta TADs: Princeton Lakes • 2006 Bond Issue • Total Project Cost: $331M • TAD Bonds: $21M • 1700 Housing Units (50% affordable to Atlantans earning up to 80% AMI) • 560,000 SF of Office & Retail Princeton Lakes: AFTER Princeton Lakes: BEFORE

  17. City of Atlanta TADs: Princeton Lakes City of Atlanta TADs: Princeton Lakes Single Family Homes Camp Creek Marketplace Phase II Movies ATL Multi-Family Apartments

  18. City of Atlanta TADs: Atlanta BeltLine • Connects 45 neighborhoods • 22% of City’s pop. falls in planning area • Total private Investment: over $1B • 60 projects are complete or underway • 4 parks & 3 trails completed

  19. Comprehensive Concept Key Elements Parks 1300 + new acres Trails 33 miles Economic Development 20 areas, 30k jobs Transit 22-mile loop Affordable Housing 5,600 Units Historic Preservation Public Art & Urban Design Environmental Clean-up 1100 + acres

  20. Atlanta BeltLine Progress Report Construction Update • Under Construction: • Eastside Trail • Completed: • Historic Fourth Ward Park • Skate Park (Cox Parcel) • Boulevard Crossing Park • D.H. Stanton Park • West End Trail Phase I (October 2008) • Northside Trail Opened (April 2010) • West End Trail Phase II (June 2010) 7 4 2 1 3 2 3 4 1 5 8 6 6 5 7 8 - Trails - Parks

  21. The Four Commercial Tax Allocation Districts: CTADs • Emphasis on Commercial Revitalization, Infrastructure & Quality of Life Projects • Currently Pay-as-you-go financing • Developers reimbursed for costs already incurred as new tax increment is generated • Stream of funding is more flexible: • - Smaller-scale development opportunities • - Simpler & quicker than bond structure Hollowell / M L King Stadium Neighborhoods Campbellton Road Metropolitan Parkway

  22. CTADs: Warming up Southwest Atlanta Everest College • Successes • 3 projects approved: $36.6M • Approximately 275 jobs created • Application process is open and rolling • Two additional LCI designation proposals underway • 22 CTAD activity nodes included in O.Z. application Hollowell / M L King Fulton Square ● Stadium Neighborhoods Screen Gems ● Campbellton Road Metropolitan Parkway ●

  23. Commercial TADs: Campbellton Road TAD Anticipated TAD Project Funding: $225 million Key Redevelopment Opportunities: Lakewood/Ft. McPherson Marta Station Ft. McPherson (488 acres) Westgate Plaza (10 acres) Greenbriar Mall (99 acres)

  24. Everest College at Greenbriar Mall Campbellton Road TAD • Completion: Fall 2010 • Total Project Cost: $5M • 63,000 SF Private, Post-Secondary Education Institution • Redevelopment of Vacant Grocery Shell • TAD funding: up to $648,000 • 95 Jobs planned serving 800-1200 students

  25. Fort McPherson Local Redevelopment Authority Campbellton Road TAD • Base Closure: Sept 2011 • Redevelopment of 488 acre Historic Army base opened in 1885 • Approx. 3.5M SF Office, Research, Medical, Hotel, & Retail • 1700+ Residential Units • 130+ acres Parks, Rec. & Greenspace • Estimated to create 10,000 Jobs at build-out

  26. Georgia Film Television Center(GFTC) Screen Gems Metropolitan Pkwy TAD • Completion: Spring 2011 • Total Project Cost: $7.5M • 216,000 SF Redevelopment for film, television and digital production studios • Utilizes 34 acres within historic Lakewood Fairgrounds • TAD funding not to exceed $1.1M • 175 jobs created

  27. Unit Mix 162 one bedroom 36 two bedroom 56 Units Affordable (28%) Location: NE corner of Fraser and Solomon St. Completion: Fall 2013 Total Project Cost: $24.1M 198 residential units, flexible space for retail, office, and live/work units (57,000 s f) including 56 affordable units (29%) TAD funding up $3.6 M Fulton Square-Phase I Stadium Neighborhoods TAD 28

  28. Opportunity ZonesGeorgia Department of Community Affairs • Provides tax credits to businesses creating 2+ jobs • Credits toward income tax liability and state payroll withholding • Provides $3,500 per new job per year for 5 years • 22 zones lie within CTADs • 75% of CTADs are included in OZ • Layered with Infrastructure grants like LCI Hollowell / M L King Stadium Neighborhoods Campbellton Road Metropolitan Parkway

  29. New Markets Tax Credit (NMTC) ProgramAtlanta Emerging Markets, Inc. • Received $80 million in NMTC authority • ADA provides all management oversight

  30. City of Atlanta NMTC eligible areas • Fulton County (higher distress low income census tracts as defined by the CDFI Fund) • $67 M deployed leveraged over $250M in private investment • $13 M in remaining allocation committed • Gap funding for non-residential, real estate development projects ($10 M+ typical) • $83.25 M Allocation in current Application

  31. City of Atlanta: Emerging Markets Stadium

  32. Contacts Westside TAD Eastside TAD Atlanta Beltline Campbellton Road TAD Hollowell / ML King TAD Metropolitan Pkwy TAD Stadium Neighborhoods TAD New Market Tax Credits

  33. www.AtlantaEmergingMarkets.com www.atlantada.com • Redevelopment Plans • Land Use and Key Facilities Plans • Detailed Maps and Plans • Detailed NODES maps • Parcel Lists

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