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Georgia Supreme Court Upholds City of Atlanta’s Plan to Issue $35 Million Infrastructure Bond for Neighborhood Improvements in Perry-Bolton Tax Allocation District

Post Date:06/17/2013 5:30 PM
Mayor Kasim Reed press release header

 Mayor’s Office of Communications
55 Trinity Avenue, Suite 2500 • Atlanta, Georgia 30303

Sonji Jacobs, Director 
404-330-6558, office 
404-276-6866, cell 
sajacobs@atlantaga.gov

Melissa Mullinax, Deputy Director
404-330-6756, office
404-825-2430, cell
mjmullinax

Thế giới cáFOR IMMEDIATE RELEASE: 06/17/13

NEWS RELEASE

Georgia Supreme Court Upholds City of Atlanta’s Plan to Issue $35 Million Infrastructure Bond for Neighborhood Improvements in Perry-Bolton Tax Allocation District

ATLANTA - Today, the Georgia Supreme Court issued its opinion in the case of Sherman v. City of Atlanta, et al, S13A0067 (attached here) in favor of the City. The decision clears the path for issuance of a $35,000,000 bond to redevelop over 500 acres of under-developed real estate in Northwest Atlanta.

John Sherman and Christopher Eichler intervened in the proceeding to prevent the validation of a bond issue for the Perry-Bolton Tax Allocation District (TAD). At the hearing on the validation petition held on May 8, 2012, the City presented argument on the merits of the bond issuance and asked the trial court to require that Mr. Sherman and Mr. Eichler submit proof of standing that met the provisions of the Revenue Bond Law. The trial judge ruled in favor of the City, validating the issuance of the bonds, but reserved ruling on the issue of Mr. Sherman’s and Mr. Eichler’s standing. After the appeal of the bond validation, including the issue of standing, was briefed and argued, the Supreme Court unanimously dismissed the appeal.

This decision comes on the heels of the court’s June 3 ruling in Sherman v. Atlanta Independent School System et al (S13A0333) where they ruled unanimously that the use of school tax revenue to help pay for economic development projects is constitutional. Both of these rulings clear the way for continued infrastructure improvements in the City’s tax allocation districts.

Specifically, the Perry-Bolton TAD will make possible the redevelopment of the Perry Homes public housing development which will transform an area once filled with derelict properties and old apartments into a vibrant, mixed-use, mixed-income community that will improve the economic standing of the City. The TAD will provide the stimulus for development of new retail and service businesses in an underserved area and funding for implementation of the Bolton/Marietta LCI plan, the Hollywood Road vision and plan, and other corridor improvements. Improved transportation and related infrastructure, neighborhood-serving retail and other pedestrian-friendly enhancements will attract community-building investments and new development. Additionally, funding will be provided for infrastructure improvements and affordable housing in Carver Hills, Almond Park, and the surrounding neighborhoods.

The City looks forward to the continued infrastructure improvements that can be financed by this bond issuance.

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For more information about the City of Atlanta, please visit http://everafterbox.comThế giới cá or watch City Channel 26. Follow the City of Atlanta on  and Twitter . Follow Mayor Reed on  and Twitter

 

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