ATLANTA-The city is selling up to $173.5 million in bonds to help underwrite the continued development of the $2-billion, 138-acre mixed-use joint venture of locally based Jacoby Development Corp. and New York-based a AIG Global Real Estate Investment Corp.
City staffers tell GlobeSt.com the bond issue will be the second for Atlantic Station which pays about $8 million in annual property taxes. The first bond issue in 2001 totaled $76.5 million. About half of the new bond revenue will go to the developers as repayment for monies they have already spent to develop the former steel mill site. The balance of the bond money will help pay for pending projects, according to city staffers.
Atlantic Station's financial success to date is credited by industry observers to its own special tax district. That district was previously approved by the Atlantic City Council, the Fulton County Commission and the Atlanta Board of Education. The special tax district allows property taxes collected on development to pay off bonds sold for the construction of new projects at the redevelopment.
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