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18-R-3381

A RESOLUTION BY
COUNCILMEMBER MICHAEL JULIAN BOND

AS SUBSTITUTED BY COMMUNITY DEVELOPMENT/HUMAN SERVICES


COMMITTEE

A RESOLUTION TO AMEND CERTAIN PROVISIONS OF THE


WESTSIDE REDEVELOPMENT PLAN SO AS TO EXTEND THE
TERMINATION DATE OF THE WESTSIDE TAX ALLOCATION BOND
DISTRICT NUMBER 1, AS AMENDED - ATLANTA/WESTSIDE (THE
“WESTSIDE TAD”) TO DECEMBER 31, 2048; TO MODIFY THE
ANTICIPATED TAX ALLOCATION BOND AVAILABILITY FOR USE
IN THE WESTSIDE TAD; TO RESCIND CONFLICTING
RESOLUTIONS; AND FOR OTHER PURPOSES.

WHEREAS, in order to encourage the development of an economically and socially


depressed area in the City of Atlanta (the “City”), the City, pursuant to Resolution No. 92-R-
1575, adopted by the Atlanta City Council (the “Council”) on December 7, 1992 and approved
by the Mayor of the City (the “Mayor”) on December 15, 1992, (i) created the Techwood Park
Urban Redevelopment Area and Tax Allocation District Number One - Atlanta/Techwood Park
(the “Techwood Redevelopment Area”), (ii) adopted the Techwood Park Urban
Redevelopment Plan (the “Techwood Redevelopment Plan”), and (iii) created Tax Allocation
District Number One - Atlanta/Techwood Park (the “Techwood TAD”) all in accordance with
Chapter 44 of Title 36 of the Official Code of Georgia Annotated, as amended (the
“Redevelopment Powers Law”); and

WHEREAS, pursuant to Resolution No. 98-R-0777, adopted by the Council on July 6,


1998 and approved by the Mayor on July 13, 1998 (the “Westside Resolution”), the City,
among other matters, (i) renamed the Techwood Redevelopment Area as The Westside
Redevelopment Area and Tax Allocation Bond District (Tax Allocation District Number 1, as
Amended - Atlanta/Westside) (the “Westside Redevelopment Area”), (ii) renamed the
Techwood Redevelopment Plan as The Westside Redevelopment Plan and Tax Allocation Bond
District (Tax Allocation District Number 1, as Amended - Atlanta/Westside) (the “Westside
Redevelopment Plan”), (iii) amended the Techwood TAD and established The Westside Tax
Allocation Bond District Number 1, As Amended - Atlanta/Westside (the “Westside TAD”),
(iv) expanded the boundaries of the Westside TAD so as to include certain distressed and vacant
properties and (v) provided for the redetermination of the tax allocation increment base in
accordance with § 36-44-10 of the Redevelopment Powers Law; and

WHEREAS, the Westside Resolution was previously amended by Resolution No. 98-R-
1911, adopted by the Council on October 19, 1998 and approved by the Mayor on October 27,
1998, and by Resolution No. 08-R-1549, adopted by the Council on August 18, 2008 and
approved by the Mayor on August 21, 2008 (collectively, the “Prior Amendments” and,
together with the Westside Resolution, the “City Resolution”); and
WHEREAS, the City has determined that the goals and objectives identified in the
Westside Redevelopment Plan, including, among other, those originally identified for the
“Railroad Gulch” portion of the Westside Redevelopment Area, have not been fully achieved;
and
WHEREAS, since the City’s adoption of the Prior Amendment to the Westside
Redevelopment Plan, the State of Georgia (the “State”), acting through the Georgia General
Assembly, amended Chapter 88 of Title 36 of the Official Code of Georgia Annotated (the
“Enterprise Zone Employment Act of 1997”) to provide additional incentives to encourage the
development of urban redevelopment areas, including the Westside Redevelopment Area; and

WHEREAS, in order to leverage the funding incentives provided by the State the City,
pursuant to Ordinance No. 17-O-1737 adopted by the City on November 20, 2017 and approved
by the Mayor on November 29, 2017 created the “Gulch Enterprise Zone” within the Westside
TAD and now desires to amend the Westside Redevelopment Plan in order to extend the
termination date of the Westside TAD to December 31, 2048; and

WHEREAS, pursuant to § 36-44-7(d) of the Redevelopment Powers Law, a “Notice of


Proposed Amendment to the Westside Redevelopment Plan,” attached hereto as Exhibit “A” and
made a part hereof, has been properly advertised in one or more newspapers of general
circulation within the area of operation of the City at least once during a period of five days
immediately preceding the date of the meeting at which this amendment to the Westside
Redevelopment Plan is considered.

NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF ATLANTA


HEREBY RESOLVES as follows:

Section 1.01. Amendment of Westside TAD Termination Date. The section of the
Westside Redevelopment Plan entitled “Creation and Termination Dates” is hereby amended by
extending the termination date of the Westside TAD from December 31, 2038 to December 31,
2048. The specific amended provision of the Westside Redevelopment Plan is attached hereto as
Exhibit “B” and hereby replaces the existing provision thereof entitled “Creation and
Termination Dates”.

Section 1.02 Amendment to Bond Availability. The section of the Westside


Redevelopment Plan entitled “Amount, Term, and Rate of Bond Issue” is hereby amended by
providing for anticipated total bond issues of up to $800,000,000 (inclusive of bonds issued prior
to the date hereof since the Westside TAD creation date). The specific amended provision of the
Westside Redevelopment Plan is attached hereto as Exhibit “B” and hereby replaces the existing
provision thereof entitled “Amount, Term, and Rate of Bond Issue”.

Section 1.03. Amendments to the Zoning and Land Use Compatibility. The section
of the Westside Redevelopment Plan entitled “Zoning and Land Use Compatibility” Sub Area C
is hereby amended to address the current zoning of the property. The specific amended
provision of the Westside Redevelopment Plan is attached hereto as Exhibit “B” and hereby
replaces the existing provision thereof entitled “Zoning and Land Use Compatibility” Sub Area
C.

Section 1.04. Repealing Clause. All resolutions or parts thereof of the City in conflict
with the provisions herein contained are, to the extent of such conflict, hereby superseded and
repealed; provided, however, to the extent amended hereby, the City Resolution is hereby
continued in full force and effect.

Section 1.05. Effective Date. This resolution shall take effect immediately upon its
adoption.
EXHIBIT “A”

NOTICE OF PROPOSED AMENDMENT


TO THE WESTSIDE REDEVELOPMENT PLAN

Notice is hereby given that a Resolution will be considered on the 11th day of September,
2018 at 12:30 P.M. at the Atlanta City Hall, Second Floor, Committee Room 1, 55 Trinity
Avenue, S.W., Atlanta, GA 30303, for the purpose of amending The Westside Redevelopment
Plan and Tax Allocation Bond District (Tax Allocation District Number 1, as Amended -
Atlanta/Westside), established by the City of Atlanta on July 13, 1998, said Resolution being
captioned as follows:

A RESOLUTION TO AMEND CERTAIN PROVISIONS OF THE


WESTSIDE REDEVELOPMENT PLAN SO AS TO EXTEND THE
TERMINATION DATE OF THE WESTSIDE TAX ALLOCATION BOND
DISTRICT NUMBER 1, AS AMENDED - ATLANTA/WESTSIDE (THE
“WESTSIDE TAD”) FROM DECEMBER 31, 2038 TO DECEMBER 31,
2048; TO MODIFY ANTICIPATED TAX ALLOCATION BOND
AVAILABILITY FOR USE ON THE WESTSIDE TAD; TO RESCIND
CONFLICTING RESOLUTIONS; AND FOR OTHER PURPOSES.

A copy of the proposed Resolution is on file in the Office of the Municipal Clerk of the
City of Atlanta for the purpose of examination and inspection by the public.

This ___ day of __________, 2018.

Rhonda Dauphin Johnson


Municipal Clerk
EXHIBIT “B”

AMENDMENT TO WESTSIDE REDEVELOPMENT PLAN


(amendments in bold and italics type)

**********

CREATION AND TERMINATION DATES

It is proposed that the Redevelopment Area be designated by the City Council at the
earliest possible date and that the accompanying Tax Allocation District becomes effective no
later than December 31, 1998.

It is proposed that the Redevelopment Area and accompanying Tax Allocation District
remain in existence for a period of no greater than fifty years, terminating December 31, 2048.

**********

AMOUNT, TERM, AND RATE OF BOND ISSUE: Discussion of Bond structuring.

1. Amount of Bond Issue

It is anticipated that the total of all Bond issues which are expected to be required to
address the Westside TAD Redevelopment Plan will be approximately $800,000,000,
provided that such amount is subject to development demand and other market
conditions and may be adjusted upward or downward as market conditions dictate.

2. Term of Bond Issue(s)

It is proposed that the term of the Tax Allocation Bond issues be not greater than Thirty
(30) years or the maximum term permitted by law.

3. Rate of Bond Issue

It is anticipated that the fixed or adjustable interest rate(s)allocable to the Tax Allocation
Bond issues will be a tax exempt rate if possible. The actual rate, however, will be
determined at the time of issue based upon general conditions within the bond market,
anticipated development within the Redevelopment Area, and assessed taxable property
value.

**********
ZONING AND LAND USE COMPATIBILITY

1. Zoning and Land Use Compatibility

Sub Area C This sub-area contains the Rail-Road Gulch and is zoned Downtown
Special Public Interest District ("SPI-1"). This zoning is compatible with the proposed
uses such as Office, Retail and Residential. This zoning will also encourage the goals
of the redevelopment plan including but not limited to connectivity to transit and
pedestrian friendly development.

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