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.

About the Author

GERTHA COFFEE

Norfolk Southern and Union Pacific shareholders OK merger. Here’s what’s next.

The proposed mega-railroad company would be headquartered in Omaha, Nebraska, sending anxiety through the company's Atlanta ranks, where Norfolk Southern is based.

Design firm chosen to turn Midtown Atlanta eyesore into high-profile park

The look and feel of a planned public park in Atlanta’s largest high-rise district is soon going to take form.

Atlanta area home prices fell in October with steep declines in some places

Metro Atlanta's median sales prices dropped in October as more inventory is on the market.

The Latest

Credit: Special

Beyond the odometer: What matters most in a used car

Why your car’s safety tech needs maintenance, too

OPINION

Saying goodbye to the Porsche 718 Cayman — for now

Featured

Credit: Bloomberg via Getty Images

Prosecutor takes helm of Georgia case against Trump. But will he move forward?

A veteran Georgia prosecutor will decide the fate of Fulton County District Attorney Fani Willis' election interference case against Donald Trump and his allies.

With some solar power tax breaks expiring, Georgians rush to catch the sun

Georgia solar installers say they’re seeing a surge of customers trying to install rooftop solar systems before federal tax credits go away at the end of the year.

‘Automatic for the People’: Weaver D’s still bonds Athens as era nears end

After feeding everyone from R.E.M. to Brian Kemp, and coining a phrase that went global, Dexter Weaver is preparing to close his storied Athens soul food restaurant.