Atlanta Mayor Keisha Lance Bottoms and members of the Invest Atlanta board approved 15 resolutions to provide more affordable housing, as well as create new jobs and bring additional investment to the city’s communities at Invest Atlanta’s August 2018 board meeting on Wednesday.
The actions taken by the board will result in 502 affordable housing units, 522 new full-time jobs, and $277 million worth of economic investment to our City.
“The actions of the Invest Atlanta Board demonstrates our strong commitment to achieving the goals of our One Atlanta vision: affordable housing; equitable job growth; and protecting our legacy residents and the neighborhoods they helped to build,” Mayor Bottoms said.
The Urban Residential Finance Authority (URFA) board approved the preservation and renovation of 272 affordable housing units at the Villages of East Lake. The passage of an inducement resolution will provide $43 million in tax-exempt bond financing and extend affordability at the development for 30 years. 272 of the development’s 542 units will be reserved for those earning 60 percent of the Area Median Income (AMI) or below.
The URFA board approved an inducement resolution to support $16 million in tax-exempt bond financing for the acquisition and rehabilitation of Peachtree Senior Tower, an existing public housing tower serving seniors and young disabled individuals. The 196 units will be available to those earning an AMI of 60 percent or less, and RAD project-based vouchers will enable tenants to pay no more than 30 percent of their income on rent.
A $2 million Westside TAD grant approved by the Atlanta Development Authority (ADA) board will support the renovation of the historic Atlanta Constitution building at 143 Alabama Steet. The developer, Pope & Land, is renovating this historic building into office space and ground-floor retail. Working with Place Properties, the developer will also build 112 new residential units, 34 of which will be income-restricted to households earning 80 percent of AMI.
The ADA board approved a fair market exchange of land with Chattahoochee Trails, LLC for the assemblage of the Chattahoochee River Greenway and a proposed mixed-income housing and retail development. The development team has agreed to a minimum of 20 percent workforce housing targeting residents earning between 60 to 120 percent of AMI. Housing will range from apartments for rent to townhomes for sale.
The ADA board approved an Economic Opportunity Fund grant of up to $250,000 to support the creation of a satellite office for Starbucks Corporation in the City of Atlanta. This was a competitive project that Invest Atlanta, the Georgia Department of Economic Development, Metro Atlanta Chamber, and Georgia Power worked on in partnership. The company will create an estimated 500 fulltime jobs, with a total expected investment of around $16 million and an economic impact of $190 million.
The ADA board approved a $7.5 million Westside TAD grant that will support The Georgia Aquarium as they seek to develop a 68,000 square-foot, state-of-the-art facility to house a one-of-a-kind predator exhibit, which will display aquatic life not presently available to visitors. The $108 million total capital investment will add a dynamic new architectural element to Downtown Atlanta, while adding 22 fulltime employees and 20 part-time employees. Currently, the Georgia Aquarium generates $5.5 million in sales tax, and the expansion will generate an additional $1.3 million.
The ADA board approved a Westside TAD Downtown Façade Improvement grant of up to $199,820 to support the renovation and improvement of the exterior of the historic mixed-use Healey Building in Downtown Atlanta. The Healey, completed in 1913, was the last major skyscraper built in Atlanta preceding World War I. The internal and external improvements will significantly enhance the appearance of the building to prospective tenants, keep rents competitive and attractive by subsidizing exterior improvements, and bring the commercial space to current market standards.
The Downtown Development Authority (DDA) board approved the issuance of $500 million in bonds to support the PACE financing program to provide property owners with access to private capital to finance improvements that reduce energy and water consumption. The PACE program will ease access to private capital for green building projects, reduce energy bills and increases property values, create local green jobs, and sustain Atlanta’s role as a leader in sustainability.