Atlanta Mayor Kasim Reed and the Invest Atlanta Board of Directors unanimously approved a resolution Thursday to issue $150 million in revenue bonds to finance renovations to the Georgia-Pacific building in downtown Atlanta. Invest Atlanta is the economic development arm of the city of Atlanta.
The bonds will provide the city with lower interest rates and the opportunity to renovate immediately while payments are distributed over the time of the building’s use. The ability to acquire, reconstruct and install improvements to the 52-story building was a major factor in Georgia-Pacific’s decision to maintain 2,600 employees in Atlanta and add 600 new jobs.
The renovations will allow up to 700 additional jobs through leases with other companies.
“Georgia-Pacific is a vital part of the Atlanta skyline and the Atlanta business community,” said Mayor Reed. “Through the support of Invest Atlanta, this major employer is able to maintain its headquarters in downtown Atlanta and add up to 600 new, well-paying jobs. The renovations will modernize the company’s offices, making Georgia-Pacific more attractive to younger, tech-savvy workers, and will also support our goals of making Atlanta a top-tier city for sustainability through water and energy conservation efforts.”
About the Author