The Marietta Daily Journal – Developer scores incentives deal near Braves stadium site

4
Dec

The Marietta Daily Journal – Developer scores incentives deal near Braves stadium site

CUMBERLAND — One of Cobb County’s wealthiest developers is being offered tax breaks on a $100 million project that includes apartments and offices near the proposed Atlanta Braves stadium in a deal that doesn’t meet the county’s own standards for incentives.

The Development Authority of Cobb County is forging ahead with granting tax abatements on the mixed-use Riverwalk project backed by developer John Williams after Cobb’s highest elected official said the project didn’t qualify for incentives.

Cobb Chairman Tim Lee told developers of Riverwalk that the project didn’t qualify for a waiver of permitting fees and licenses.

But Lee encouraged the company to seek tax abatement — a waiver of property taxes — through the Development Authority, which has more discretion in how it chooses to dole out tax breaks.

The development planned for Cobb Parkway and Cumberland Boulevard in the Cumberland Community Improvement District will contain 236 condos, 14 three-story townhomes and a 10-story office tower offering 200,000 square feet of “Class A” space, which targets the highest-paying office tenants.

In a Nov. 18 letter, Lee told the developers their project won’t add the 25 jobs and $500,000 to the county’s tax digest needed to qualify for a waiver of permitting fees.

But he encouraged them not to give up on striking an incentives deal geared toward tax abatement.

“To that end, I want to express the county’s support of your efforts as they relate to working with the Development Authority of Cobb County as well as the Board of Tax Assessors to secure other incentives for this project as they determine are appropriate,” Lee wrote in the letter.

The developers’ application appears to be on a fast track toward final approval. If it gets that approval, it will mean Riverwalk pays no property taxes in year one of the 10-year abatement, then pays on 10 percent of the property value in year two, 20 percent in year three and so on until year 10 when it assumes 100 percent ownership in the property.

The abatement would also allow Williams and his investors to avoid the coming three mill tax increase the Board of Commissioners is expected to approve later this month to be levied on owners of apartment complexes and commercial properties in the Cumberland CID. That new tax will be used to help pay for the Atlanta Braves stadium deal.

via The Marietta Daily Journal – Developer scores incentives deal near Braves stadium site.

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