The Invest Atlanta board on Thursday unanimously approved new incentives and bond financing for NCR, the financial technology giant that plans a new headquarters campus in Midtown.
The board of the city’s economic development agency granted an estimated $12.6 million in property tax abatements for the company, which has already been approved for a $3.2 million grant from the city of Atlanta to aid the move from Gwinnett County to Midtown.
The new incentives are part of bond and lease-purchase arrangement for the $260 million project. That complicated transaction, which does not involve actual bond financing, acts as a legal mechanism to convey tax incentives. Under the proposed deal, Invest Atlanta would control the headquarters property for 10 years and lease it back to NCR.
Separately, the board approved issuance of bonds valued at $10.1 million. NCR, not taxpayers, would be on the hook for repayment of the bonds, Invest Atlanta officials said.
Despite the discounted property taxes, the city projects it will recoup $37.8 million in new taxes over 10 years as part of the project, and NCR is expected to generate a $1.2 billion economic impact, according to an Invest Atlanta analysis.
In January, NCR announced plans for a corporate campus near Georgia Tech that would shift 3,600 workers from the suburbs. The company says it is also planning a separate suburban campus, though a location hasn’t been disclosed.
About the Author
