The Invest Atlanta board will consider on Thursday a broader incentives package and bond financing for NCR, the financial technology giant that plans a new headquarters campus in Midtown.
The economic development agency’s board will consider 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 will consider approving 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.
At the time, city officials said additional incentives could be involved beyond the $3.2 million grant. NCR was lured to Duluth from Ohio a little less than six years ago, thanks in part to a state and local incentive package valued at up to $109 million.
The new location will plant NCR’s flag closer to metro Atlanta’s top universities, which executives hope will help attract skilled programming, engineering and business talent and boost the company’s image as a tech player.
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