Invest Atlanta, the city’s economic development agency, is accepting applications for qualified development and improvement projects seeking tax increment financing in the Eastside Tax Allocation District. The district includes the neighborhoods of Sweet Auburn and the Old Fourth Ward and parts of Grant Park, Cabbagetown and downtown Atlanta.
Funding for infill projects is offered from two programs: Resurgens Fund Grants, which provides gap financing for real estate projects; and Downtown Façade Improvement Grants, offering matching grants for exterior improvements.
Projects are evaluated on how well they impact and revitalize a community by creating diverse permanent jobs, reusing vacant or obsolete buildings, developing near transit, and increasing the property tax base, Invest Atlanta says.
Bonds issued in 2006, backed by the Eastside TAD tax increment, funded nearly $32 million in grants, which leveraged an additional $320 million in private investment. More recently, properties along Auburn and Edgewood avenues benefited from $900,000 in Eastside TAD grants for exterior renovations.
“With the support of grant funds through the Eastside TAD, new and established businesses can access the capital they need to grow and thrive, accelerating economic and community development,” said Mayor Kasim Reed.
Information: bit.ly/2dOe8bX
About the Author
