The Marietta Daily Journal – Cumberland CID gives Braves

21
Nov

The Marietta Daily Journal – Cumberland CID gives Braves

CUMBERLAND – The Cumberland Community Improvement District on Tuesday voted to commit $10 million toward transportation improvements for a proposed $672 million Cobb County Atlanta Braves stadium.

Tad Leithead, who chairs the CID, a 5.5-square-mile district where commercial property owners have agreed to tax themselves an extra 5 mills, said the county government will let the CID know what transportation improvements those are in the near future.

“What we’ve said is we’re putting $10 million into this,” Leithead said. “Tell us what the projects are going to be and make sure that those projects are consistent with our purpose under the law, which is going to wind up being transportation whether it’s sidewalks, the bridge, road improvements or whatever. The county is going to get back to us with specific projects and we’ll allocate our funds to those projects.”

Voting in favor were board members John Shern, Mason Zimmerman, Connie Engel, Barry Teague and Leithead.

A new tax district

At the request of county chairman Tim Lee, the board also voted in favor of a resolution endorsing the creation of a new tax district, which would roughly follow the CID’s existing boundaries.

Lee said the new tax district was needed because the CID can only tax up to 5 mills and can’t tax owners of apartment complexes. The new tax district, which will be voted on by the Board of Commissioners, would tax another 3 mills, which would bring an annual $5.1 million. That $5.1 million would be used to help pay the debt service on the revenue bonds that are being issued by the Cobb-Marietta Exhibit Hall Authority to finance the stadium over 30 years.

Leithead explained why it was worthwhile to increase taxes on the district.

“The district is putting in over the period of time I think it’s right at $150 million — $5 million for 30 years,” Leithead said. “The project is putting $1 billion dollars into our district and the economic impact of all that retail and the rental sales and potential increase in property values — David Connell has a report from an economist saying properties could as much as double in the Cumberland CID area — so we believe that the property value increase, the sales tax increase, the investment by the Braves, the investment by the county, is a true public-private partnership and that’s what we do.”

via The Marietta Daily Journal – Cumberland CID gives Braves.

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