First BeltLine Bonds Sold

 

Atlanta, GA, Oct. 31, 2008 – Today, the City Of Atlanta closed on a private placement of BeltLine Tax Allocation District (TAD) bonds worth $64.5 million, slightly more than half (54%) of the original bond authorization approved by City Council in August 2008. Two local institutions, Wachovia Bank and SunTrust Bank, each purchased $32.25 million in bonds.

Consistent with the City Council approved bond allocation, fifteen percent of the net proceeds, approximately $8.8 million, will capitalize the BeltLine Affordable Housing Trust Fund and another portion will be allocated to the Economic Development Fund. The remainder of the net proceeds will cover transit-related property acquisitions, including the full repayment of the debt on the Northeast Corridor property, working capital and bond issuance expenses.

“This is yet another milestone for the BeltLine which will preserve and add to the project’s momentum,” said Terri Y. Montague, President and CEO of Atlanta BeltLine, Inc.

“We are grateful that Wachovia and SunTrust, two longtime financial partners of the City of Atlanta, have demonstrated their confidence in the BeltLine by investing in these bonds. We are also thankful for the City Council’s crucial and continued support for this historic and visionary project,” said Valarie Wilson, Executive Director of the BeltLine Partnership.

The bond financing includes a provision to refinance the bonds on or after July 1, 2009. The City plans to issue the remainder of the $120 million bond authorization at the time of the subsequent bond refinancing or when market conditions become more favorable.

While the Atlanta City Council initially approved a bond sale of $120 million for the BeltLine TAD in August 2008, the global financial crisis and the lack of activity in the municipal bond market delayed the City’s ability to issue these bonds, along with several other bond sales. By proceeding with a smaller bond sale at this time, the project met the deadline of October 31 to finalize the acquisition of the Northeast Corridor property. It also satisfied a provision of the Fulton County Consent Resolution, which mandates that BeltLine TAD bonds must be issued before the end of 2008 to insure Fulton County’s participation in the TAD.

The Atlanta BeltLine is a $2.8 billion redevelopment project that will shape the way Atlanta grows over the next 25 years and beyond.  The project proposes a network of public parks, multi-use trails and transit along a historic 22-mile railroad corridor circling downtown and connecting many neighborhoods directly to each other by streetcar or light rail. The BeltLine is the most comprehensive economic development effort ever undertaken in the City of Atlanta and the largest, most wide-ranging urban redevelopment currently underway in the United States.

 

For more information about the BeltLine, please visit www.beltline.org

West End/ Westview Homes for Sale

Fully renovated, move in condition homes! Awaiting your inspection. View the links below to see these great deals! These homes will pass FHA inspection. Beltline Community- speak with your mortgage officer about city funds for down payments!

FOLLOW ME ON TWITTER @NiaKnowles

413 Karli Court, McDonough, GA  4bed/3baths Traditional $139K  http://www.postlets.com/res/4354275 

1556 South Gordon St, Westview-in town Atlanta 3bed/2bath Restoration + attic $169K http://www.postlets.com/res/4225188

Home Tour: http://www.flyinside.com/tour.php?id=44365  (SOLD)

 626 Willard Ave, Westview Atlanta 3bed, 2baths Renovation $120.9K http://www.postlets.com/res/4289274 (New Price)

Home Tour: http://www.flyinside.com/tour.php?id=44629

1184 Eggleston Ave Historic West End 3bed/2bath renovated with Loft 135K

http://www.postlets.com/res/4643963

1790 Laurelwood Drive -Adams Park- on Golf Course.. Investor Special 45K

 Next Up

1498 Westwood Ave (Westview) & Rogers; exquisite  rehabs by J.W. Kelly Properties, Grady Place.