City Council approves Beltline bond issuance

Congratulations, fellow citizen! If things go according to plan, come Friday at 10 a.m. you'll be a co-owner of 66 acres of prime property in Northeast Atlanta.

The Atlanta City Council today approved 9-1 the issuance of $64.5 million of Beltline TAD bonds. Councilmember Felicia Moore was the lone vote against the deal.

Atlanta Beltline Inc. Finance Director Richard Lutch says the project will meet the Oct. 31 deadline set by Gwinnett County developer Wayne Mason and settle the $45 million debt Mason is owed for property near Piedmont Park.

Beltline leaders will also use $3.5 million of the bond funds to buy out the remaining stake in the property held by Barry Real Estate and Ben Rainey, its private partners in a joint venture that was created to purchase the land from Mason late last year. Beltline leaders must then must transfer the property to the Atlanta Development Authority. (The land must be owned by a public agency to meet tax-exempt bond regulations.)

After the vote, Tax Allocation District Advisory Committee Chair Eugene Bowens, Sr. said that the citizens' group — while supportive of the deal — still feels it's not being involved enough in how funds from the TAD bonds are used. By law, the committee is charged with ensuring those public funds are spent in a "fair and equitable manner." Numerous times in the past — most notably when Beltline leaders decided to spend a large chunk of funds to pay off the Mason property in affluent Northeast Atlanta — the committee has said they have been kept out of the loop. He said TADAC members were only notified of today's bond deal at a meeting last night with Beltline leaders.

This development raises many questions, such as what direction the project takes now and where it will focus its energy, how the city plans to act on property that it must rezone if it plans to sell, and how future allocations and deals will be handled. Feel free to chime in below if you have any thoughts.