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Atlantic
Steel Tax Allocation District
City of Atlanta
Located in northwestern portion of Midtown Atlanta, the Atlantic
Steel Tax Allocation District (better known as the "Atlantic
Station TAD") was established in 1999 to facilitate the redevelopment
of a 138-acre Brownfield site, which had been contaminated
due to almost a century of heavy industrial use. Today this
site is home to a vibrant, sustainable, mixed-use development
which has made use of alternative transportation modes to
minimize congestion, improve air quality, and connect major
activity centers. Development to date includes approximately
1.8 million square feet of office, 2.3 million square feet
of retail, a 101-room boutique hotel, 730 apartment units,
and 1,485 for-sale residential units.
In order to make the site viable for commercial and residential
redevelopment, extensive public infrastructure and additional
parking was needed, along with extensive environmental remediation
due to the prior industrial uses of the property. To fund
redevelopment efforts within the Atlantic Station TAD, including
public infrastructure, underground parking, and environmental
remediation efforts, the City of Atlanta issued two series
of TAD bonds totaling $243 million: the Series 2001 Bonds
($76.5 million) and the Series 2006 Bonds ($166.5 million).
In addition, the City issued $85,495,000 as the Series 2007
Tax Allocation Refunding Bonds, which refunded the Series
2001 Bonds. Debt service on the bonds is secured by incremental
real property taxes generated within the Atlantic Station
TAD, as well as incremental taxes from business personal property
and local option sales tax revenue generated within the TAD.
Acting as the feasibility consultant to Invest Atlanta, the
City of Atlanta's economic development arm, MuniCap has provided
ongoing assistance in navigating the current financial and
real estate market constraints, providing financial forecasts,
evaluating repayment and restructuring options, and recommending
the course of action that best allows the TAD to meet both
current obligations and future goals.
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