The Atlanta Journal-Constitution
Published on: 05/28/08
Atlanta's Beltline project took a big step this week when a Fulton County Superior Court judge approved the sale of up to $120 million in bonds to help pay for the planned 22-mile loop of transit, trails and parks.
The decision sets the stage for an anticipated bond sale in September, the first of several planned over the next 25 years. The exact dollar amount will be set later, based on Fulton County property assessments.
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Beltline officials are drafting a five-year budget plan, which must be approved by the Atlanta City Council. The bonds are being backed by expected increases in the value of property along the 22-mile route.
The ruling was expected but came as a relief to Beltline officials, who have been trying to issue bonds for nearly two years.
A planned bond sale in 2006 was successfully challenged by a Buckhead lawyer, who claimed the state Constitution forbids school property tax money from being spent on redevelopment projects like the Beltline. The Beltline bond sale now being planned relies only on city and county property tax revenues.
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