Tax credit loan goes to Jacoby Development

Imagine Downtown Inc. announced Tuesday that it has closed its first New Market Tax Credits loan for Phase 1 of the development of Aerotropolis Atlanta, a $1.5 billion mixed-use project being built adjacent to Hartsfield-Jackson International Airport.

Using $30 million of tax credit authority, IDI loaned $6 million to Jacoby Development Inc., which also oversaw the development of Atlantic Station, a live-work-play community in Midtown Atlanta. The remainder of the $30 million also went to Jacoby as a low-interest loan.

Phase I of the project includes demolition and remediation of the site that once housed the Ford Motor Co. plant in Hapeville. Imagine Downtown is an affiliate of Atlanta Development Authority and Central Atlanta Progress.