The group's goal is to sell up to $111 million in bonds by October. The money will be used to buy land for parks and trails along the Beltline project.

Atlanta Beltlline Inc., or "Inc." as its supporters call the group, will be a nonprofit, publicly funded corporation, David Payne, with another Beltline team, Beltline Partnership, tells GlobeSt.com. "This new entity will manage the planning and implementation of the Beltline, such as engineering, design, construction coordination" and related activities, Payne says.

Heidrick & Struggles, a Chicago-based international executive search team, is donating its time to find a CEO for the new group. Boston Consulting Group is also donating its services to help plan the public components of the redevelopment project.

Atlanta BeltLine Inc. and BeltLine Partnership won't conflict or duplicate efforts, Payne says. "It's a different skill set…a different phase…it's taking [the plan] off paper and putting it into the ground," he tells GlobeSt.com. "With the recent passage of the Beltline TAD [tax allocation district], the Beltline is ready to move from a conceptual phase to a project implementation phase."

"The BeltLine Partnership will continue to play a lead role in advocacy and communications related to the Beltline," Payne says. "In addition, the BeltLine Partnership is likely to launch a joint capital campaign with the PATH Foundation and the Trust for Public Land to raise additional funds for the Beltline."

Ray Weeks, chair of the BeltLine Partnership, tells GlobeSt.com the project already has "fantastic momentum." He says "the creation of Atlanta BeltLine Inc. will allow the Beltline [redevelopment] to advance under one organization that will be accountable for implementation of this massive project." Weeks says the BeltLine Partnership "will continue to play a key role in keeping residents, civic groups and the business community engaged and updated about the Beltline."

Sources close to the Beltline Neighbors Coalition, however, are puzzled about the formation of a new entity to guide the largest redevelopment of its kind in Atlanta's modern history. Those sources tell GlobeSt.com the announcement of Atlanta BeltLine Inc. surprised them since they had previously understood the BeltLine Partnership itself would have handled the funding and administrative assignments.

The same sources tell GlobeSt.com they are waiting to hear the size of the new staff, the salary that will be paid to the CEO in charge, and where the operating funds will come from to run Atlanta BeltLine Inc.