Business owners and apartment landlords around the Atlanta BeltLine will pay more taxes beginning this year to help fund completion of the 22-mile multi-use trail loop.
The tax increase is expected to generate $100 million via bonds this year. The bonds will unlock another $100 million in philanthropic funds and $100 million in BeltLine Tax Allocation District funds, according to Atlanta BeltLine Inc., the nonprofit that oversees the project.
The $300 million would then be leveraged to secure another $50 million from additional federal, state and local sources.
The tax increase will also help generate $45 million for affordable housing, $12 million in small business support and up to $150 million in construction funds targeted toward minority-owned contractors, said ABI.
Once the $100 million in bonds are paid off, the tax increase would end.
Finishing the BeltLine could recreate the economic success of the Eastside Trail around the city’s urban core by linking 45 neighborhoods, supporters of the measure said.
The BeltLine, one of the country’s largest urban renewal projects, has attracted more than $6 billion in investments. It is also expected to create more affordable housing and thousands of jobs once finished.
City Council on Monday approved raising taxes 2 mills on commercial, industrial and apartment properties roughly a half-mile on either side of the BeltLine as part of a new “Special Service District.”
The legislation, introduced in January, was put on a fast-track for approval after Atlanta BeltLine Inc. said completing the trail by its 2030 deadline was in danger without an infusion of millions of dollars.
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