ATLANTA—Mayor Keisha Lance Bottoms issued the following statement upon the signing of the historic Gulch development legislation.
“The Gulch redevelopment deal, the largest in state history, charts a new course for how city development is optimized for public good. As I sign this historic legislation into law—joined by members of City Council—we also inscribe affordable housing, workforce training, minority and female-owned business participation, and public safety investments into our city’s future.”
On Monday, November 5, 2018, Mayor Bottoms’ Gulch redevelopment plan was approved by the Atlanta City Council. Mayor Bottoms signed the legislation into law Tuesday, November 13, 2018, joined by members of City Council.
As a result of the historic Gulch development legislation Atlanta will receive:
- $28 million investment into a citywide affordable housing fund
- Required minimum affordable housing residential units of 200 or 20%, whichever is greater
- $2 million commitment for workforce training
- $12 million investment into a citywide economic development fund
- Commitment to unprecedented levels of minority and female-owned businesses with a goal of at least 38% utilization and an offer of 10% equity
- $12 million commitment towards the construction of a new seven-bay fire station.
Additional terms of the legislation include:
- CIM assuming all financial risk, including all design and construction expenses and serving as the sole purchaser of the new TAD bonds
- CIM paying taxes in full, only receiving the benefit of TAD supplemental payments as reimbursements once compliance on obligations and expenses has been independently verified. For qualified expenses, Invest Atlanta will make reimbursement payments to CIM for up to 12.5% of total project costs or through 2038, whichever occurs first
- Reducing TAD bond proceeds available to CIM from $500 million to $32 million, with up to $8 million in bond proceeds available to Empowerment Zone Communities.