Beltline Tax Allocation District
City of Atlanta

Unlike most tax increment financing districts, which tend to be confined to specific market areas, the BeltLine Tax Allocation District generally surrounds a 22-mile largely inactive freight railroad loop that encircles central Atlanta and includes or affects 50 of the City's in-town neighborhoods. At 6,545 acres, the BeltLine TAD is also the City's largest tax allocation district.

Created by the City in 2005, the overall goal of the BeltLine TAD is to stimulate, attract, and organize a significant portion of the City's future growth around parks, transit, and trails located in the BeltLine TAD. Efforts to this end include the creation of 1,300 acres of new greenspace and parks, 33 miles of multi-use trails, a 22-mile transit loop that provides connectivity to the regional transit center, and 5,600 affordable workforce housing units. Moreover, planned efforts within the BeltLine TAD include the environmental clean-up of 1,100 acres. Atlanta BeltLine, Inc., the entity overseeing the planning and execution of the Atlanta BeltLine development, is implementing the long-term transit strategy.

Redevelopment efforts of this scale require ongoing partnerships between the various levels of government, non-profit organizations, the private investment community, and members of the affected neighborhoods. To ensure the success of the BeltLine TAD, the City has forged collaborations with partners that include: federal, state, and county governments; Atlanta Public Schools; Metropolitan Atlanta Rapid Transit Authority; the PATH Foundation; and the Trust for Public Land. In addition, over $35 million in private contributions were made towards the BeltLine redevelopment efforts before the issuance of TAD bonds.

In October of 2008, the City issued the Series 2008 Bonds ($64.5 million). Subsequently, in December 2009, the City reoffered the Series 2008A Bonds ($24.42 million), the Series 2008B Bonds ($33.725 million) and the Series 2008C Bonds ($4.355 million), and issued the Series 2009B Bonds ($12.59 million) and the Series 2009C Bonds ($1.03 million) for a total bond issuance of $78.12 million. These bonds are secured solely by real property tax increment revenues generated within the BeltLine TAD.

For the Series 2008 Reoffering and the Series 2009 Bonds, MuniCap served as the feasibility consultant to Invest Atlanta, the City of Atlanta's economic development arm, preparing forecasts of revenue and assisting with the development of the overall plan of finance. MuniCap's efforts were instrumental in delivering a successful transaction during an extremely turbulent era in the municipal bond market, and the Series 2008/2009 deal was recognized as 2009 Bond Deal of the Year by the Council of Development Finance Agencies. MuniCap serves as the BeltLine TAD's Dissemination Agent and continues to work closely with Invest Atlanta on redevelopment efforts within the TAD, providing updated forecasts as requested and providing financial information to investors as needed. MuniCap also provides ongoing consultation to Atlanta BeltLine, Inc.

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