The proposed deal to redevelop the Gulch has been hanging in the air at Atlanta City Hall for more than two months, and very late Monday night, it passed narrowly.
After pushback from Councilmembers and loud opposition voices from the public, this was the fourth attempt by Mayor Keisha Lance Bottoms’ office to bring the deal up for a vote. The deal was made up of four pieces of legislation, and the two controversial items approving tax incentive mechanisms passed 8-6.
The deal promises a $5 billion mixed-use development at the 40 acres of parking lots and railroad tracks under State Farm Arena, in exchange for up to $1.9 billion in public financing. The proposed developer is CIM Group, which was co-founded by Richard Ressler, the brother of Tony Ressler, the owner of the Atlanta Hawks.
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