Growth: Southeast News

Growth Southeast News curated each weekday for AL, FL, GA, KY, MS, NC, SC and TN about expansions and new construction projects…

Share

 

October 25,  2021

 

When Mayor Keisha Lance Bottoms struck a nearly $2 billion incentives package with a Los Angeles-based developer to develop a mixed-use mini-city in Downtown’s “Gulch” called Centennial Yards, the company promised tens of millions of dollars in return to combat inequity.

Yesterday, that developer literally handed Bottoms a $33.5 million check — and the Mayor knows how she wants to spend it.

Why it matters: CIM Group and its partner group led by Atlanta Hawks owner Tony Ressler will create 50 acres and up to 12 million square feet of living and office space on what today is a giant hole in downtown.

If the city is investing so much in the area, it needs something in return.

{mprestriction ids="1,4,9"}By the numbers: Here’s how the city plans to invest the cash (in addition to $12 million to build an economic development fund).

$28 million will go into the city’s affordable housing trust fund to develop subsidized units, help residents offset rising property taxes, and other anti-displacement strategies.

$2 million to help create a new training center at Atlanta Technical College.

Plus an unspecified amount to test a guaranteed-income pilot project for needy families and to kickstart a savings-account program for Atlanta children.

 

button Read the rest 33

{/mprestriction}

Terms of Service Privacy Policy Site Map
Copyright @ 2021 Globalspeak, All Rights Reserved