The Marietta Daily Journal – Riverwalk numbers not adding up

CUMBERLAND — The consultant for a $103 million mega-development getting a hefty tax break touted the project’s job creation numbers, even though Cobb officials said the multiuse project didn’t create the 25 jobs needed to get a subsidy.

The 250 apartment units and 10-story office tower that make up Riverwalk will create 293 jobs that are new to Cobb, said Tad Leithead, consultant for the Riverwalk project, in an email obtained by MDJ under the Georgia Open Records Act.

And that’s a “conservative” estimate, said Leithead, who also chairs the Cumberland Community Improvement District.

Riverwalk financial backer and real estate mogul John Williams founded that district.

To get tax incentives from Cobb County, including waivers of permit fees, Riverwalk needed to create 25 jobs and give a $500,000 economic impact to the county’s tax digest.

But Riverwalk won’t create any new jobs for Cobb, according to emails by Cobb Finance Director Jim Pehrson.

Still, the Development Authority is forging ahead with a lucrative 10-year graduated tax break at the recommendation of Cobb Chairman Tim Lee, who also happened to chair the county committee that denied fee waivers.

Leithead says the project is worthwhile, despite the concerns of the county.

via The Marietta Daily Journal – Riverwalk numbers not adding up.