The city of Atlanta is poised to save more than $6.3 million after City Council recently approved the refinancing of the city’s tax allocations refunding bonds for the Atlantic Station development. Council unanimously approved the final terms of the agreement during a special called meeting Aug. 29.
The average annual cash flow savings for the city over the life of the bonds is estimated at $429,900. The bond aggregate principal amount is $85,495,000.
“The successes of the Atlantic Station project continue to mount,” said City Council President Lisa M. Borders. “We are proud of the fact that we have been able to save taxpayer dollars. We are also very proud of what we have achieved with this model development.”
Atlantic Station was accomplished with help from Tax Allocation District bonds. The mixed-use project features Class-A office towers, new condominiums, apartments, retail and family-friendly entertainment destinations.
Atlantic Station was first planned in the mid-1990s and officially opened in 2005. The development has received the Environmental Protection Agency’s 2004 Phoenix Award as the Best National Brownfield Redevelopment, as well as, the Sierra Club’s 2005 America’s Best New Development Projects listing.
Meanwhile, Atlanta Station developer Jim Jacoby is forming a company that will convert landfill waste into usable energy.
Jacoby Energy Development Inc. is working on a garbage-into-gas project in St. Lucie, Fla., but Atlantic Station could be in the works too, Jacoby said.
Jacoby Energy Development formed a partnership Aug. 2 with Calgary-based Alter Nrg Corp., to develop large-scale and environmentally friendly projects in the U.S. and Canada.