The Marietta Daily Journal – Documents show Cobb officials had doubts on Riverwalk development

17
Jan

The Marietta Daily Journal – Documents show Cobb officials had doubts on Riverwalk development

CUMBERLAND — Before the Development Authority of Cobb County approved tax breaks for a planned $103 million mixed-use development, county officials had doubts about the jobs it would create and thought the application lacked sufficient information, according to documents obtained in an open records request.

The Riverwalk project, targeted for a 7-acre site near the new Braves stadium and backed by mega-developer John Williams, didn’t qualify for county incentives because it would not create the required 25 jobs and $500,000 jolt to the county’s tax digest.

Despite the recommendation of the county, the Development Authority, chaired by banker Clark Hungerford, is forging ahead with property tax abatements that could cost the Cobb School District millions of dollars.

The Authority has granted Riverwalk developers a reduced tax rate that would generate $3.5 million in school taxes over 10 years, compared to the $7.8 million it would generate if built without tax breaks.

via The Marietta Daily Journal – Documents show Cobb officials had doubts on Riverwalk development.

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