Beruflich Dokumente
Kultur Dokumente
AN ORDINANCE
BY COUNCILMEMBERS CLETA WINSLOW, IVORY LEE YOUNG, JR. AND
MICHAEL JULIAN BOND
WHEREAS, pursuant to a resolution of the City Council of the City of Atlanta (the
“City”), duly adopted on March 9, 1982, and approved by the Mayor of the City on March 9,
1982, the City created the Downtown Development Authority of the City of Atlanta (the
“Authority”) under and by virtue of the Constitution and the laws of the State of Georgia (the
“State”), in particular, Chapter 42 of Title 36 of the Official Code of Georgia, as amended (the
“Act”) which Authority is now existing and operating as a public body corporate and politic and
an instrumentality of the State; and
WHEREAS, the Authority was created for the purpose, among other things, of
revitalizing and redeveloping the central business district of the City and promoting and
furthering the public purpose of developing trade, commerce, industry and employment
opportunities, and the Act empowers the Authority to issue its revenue bonds in accordance with
the applicable provisions of the Revenue Bond Law of the State, O.C.G.A. Sections 36-82-60, et
seq., as amended (the “Revenue Bond Law”), for the purpose of financing the cost of any
“project” (as defined in the Act) in furtherance of the public purpose for which it was created,
and empowers the Authority to exercise any power granted by the laws of the State to public or
private corporations not in conflict with the public purposes specified in the Act; and
WHEREAS, Section 36-42-3(6) of the Act defines “projects” to include the acquisition,
construction, installation, modification, renovation or rehabilitation of land, interests in land,
buildings, structures, facilities or other improvements located or to be located within the
WHEREAS, pursuant to Section 36-44-2 of the Redevelopment Powers Law, the City
and the Authority, as its agent, are authorized, in partnership with private enterprise, to cause
designated redevelopment areas to be redeveloped, through, among other things, the construction
of any building or other facility for use in any business, commercial, industrial, governmental,
educational, charitable or social activity, the construction, reconstruction, renovation,
rehabilitation, remodeling, repair, demolition, alteration, or expansion of public works or other
public facilities necessary or incidental to the provision of governmental services and the
preservation, protection, renovation, improvement, maintenance and creation of open spaces,
green spaces and recreational facilities; and
WHEREAS, pursuant to O.C.G.A. Section 36-88-6(g), the City Council of the City
adopted Ordinance No. 17-O-1737 on November 20, 2017, as approved by the Mayor of the City
on November 29, 2017, creating the City of Atlanta Gulch Enterprise Zone (the “Gulch
Enterprise Zone”) within Atlanta Urban Redevelopment Area No. 1, exempting sales
transactions within the boundaries of such area from certain sales and use taxes, and assessing
enterprise zone infrastructure fees (the “Enterprise Zone Infrastructure Fees”) on retailers
exempted from sales and use taxes pursuant to O.C.G.A. § 36-88-6(g) effective January 1, 2018;
and
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WHEREAS, the Gulch Enterprise Zone is also located within the “downtown
development area,” as defined in the Act, and also located within the “Westside Tax Allocation
District – No. 1” established by the City pursuant to the Redevelopment Powers Law; and
WHEREAS, the City desires that the Authority establish a master program (the
“Program”) for financing or refinancing a portion of the costs associated with the acquisition,
development, construction, equipping and installation of a redevelopment project consisting of
up to 12,000,000 square feet of office, retail, residential and hotel space located in the so-called
Gulch Area of the Westside Tax Allocation District (the “Atlanta Gulch Project”) by
authorization of a Master Indenture which provides for the delivery by the Authority of its
Master Draw-Down Infrastructure Fee Revenue Bond (Gulch Enterprise Zone Project) (the
“Master Draw-Down EZ Bond”), in the maximum aggregate principal amount of
$1,250,000,000 (the “Maximum Authorized Amount”) and
WHEREAS, Spring Street (Atlanta), LLC, a limited liability company organized and
existing under the laws of the State of Delaware, together with any permitted successor thereto
(herein, the “Purchaser” or the “Developer”) will, from time to time, make draws against the
principal amount of the Master Draw-Down EZ Bond by paying the purchase price of such bond
through Advances (as defined herein) pursuant to a Master Indenture of Trust (the “Master
Indenture”) between the Authority and Regions Bank, as trustee and the Bond Purchase and
Draw-Down Agreement to be dated as of the first day of the month corresponding with the
establishment of the Program (the “Draw-Down Bond Purchase Agreement”) among the
Authority, the Trustee, the City and the Purchaser; and
WHEREAS, the bonds secured under the Master Indenture include the Master Draw
Down EZ Bond and the Series EZ Bonds (as defined in the Master Indenture) to be issued under
Supplemental Indentures to evidence Advances of the purchase price of all or a portion of the
Master Draw-Down EZ Bond and any Additional Bonds (as defined in the Master Indenture)
issued thereunder (collectively, the “Bonds”), provided that the outstanding principal amount
shall be limited to the Maximum Authorized Amount; and
WHEREAS, the Developer, the Authority and the City propose to enter into that certain
EZ Development Agreement to be dated as of the first day of the month corresponding with the
establishment of the Program (the “EZ Development Agreement”), pursuant to the terms of
which the Developer will agree to cause all or a portion of the Atlanta Gulch Project to be
acquired, constructed and installed in phases, all as more particularly described therein; and
WHEREAS, Article IX, Section III, Paragraph I(a) of the 1983 Constitution of the State
of Georgia authorizes any county, municipality or other political subdivision of the State to
contract for any period not exceeding 50 years with each other or with any other public agency,
public corporation or public authority for joint services, for the provision of services, for the joint
or separate use of facilities or equipment, but such contracts must deal with activities, services or
facilities which the contracting parties are authorized by law to undertake or provide; and
WHEREAS, the Authority has the power under the Act to make and execute contracts,
agreements, and other instruments necessary or convenient to exercise its powers or to further
the public purpose for which it was created, including, but not limited to, contracts for
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construction of projects, leases of projects, contracts for sale of projects, agreements for loans to
finance projects and contracts with respect to the use of projects; and
WHEREAS, the Authority and the City desire to enter into that certain
Intergovernmental Agreement to be dated as of the first day of the month of the establishment of
the Program (the “Intergovernmental Agreement”), pursuant to which the Authority has
agreed to perform certain services and cause the Developer to develop the Atlanta Gulch Project
as provided in the EZ Development Agreement and the City has agreed to pay or cause to be
paid to the Trustee the net proceeds of the Enterprise Zone Infrastructure Fees collected in the
Gulch Enterprise Zone as consideration for the performance of such services in amounts
sufficient to pay the principal of, redemption premium (if any) and interest on the Bonds (the
“Intergovernmental Payments”); and
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required to provide for the collection of the Enterprise Zone Infrastructure Fee and shall cause
such fees to paid to as contemplated in the Intergovernmental Agreement.
Section 7. General Authority. From and after the execution and delivery of the
documents hereinabove authorized, the proper officers, directors, agents and employees of the
City are hereby authorized, empowered and directed to do all such acts and things to execute all
such documents as may be necessary to carry out and comply with the provisions of the
documents as authorized herein, and are further authorized to take any and all further actions and
execute and deliver any and all other documents and certificates as may be necessary or desirable
in connection with the issuance of the Bonds and in conformity with the purposes and intents of
this Ordinance.
Section 8. Actions Approved and Confirmed. All acts and doings of the officers of
the City that are in conformity with the purposes and intents of this Ordinance and in furtherance
of the issuance of the Bonds, and the execution, delivery and performance of the
Intergovernmental Agreement, the EZ Development Agreement and the Draw-Down Bond
Purchase Agreement shall be, and the same hereby are, in all respects approved and confirmed.
Section 10. Severability of Invalid Provision. If any one or more of the agreements or
provisions herein contained shall for any reason whatsoever be held invalid, then such covenants,
agreements or provisions shall be null and void and shall be deemed separable from the
remaining agreements and provisions and shall in no way affect the validity of any of the other
agreements and provisions hereof or of the Bonds authorized hereunder.
Section 11. Repealing Clause. All resolutions or parts thereof of the City in conflict
with provisions herein contained are, to the extent of such conflict, hereby superseded and
repealed.
Section 12. Effective Date. This Ordinance shall take effect immediately upon its
adoption.
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Exhibit “1”