Mayor Keisha Lance Bottoms issued an administrative order directing the City of Atlanta’s chief operating officer to develop an agreement with Invest Atlanta to partner with the City to implement a city-wide anti-displacement program for legacy residents in Atlanta.
The anti-displacement program would authorize the use of the first installment of the Gulch Housing Trust Fund in the amount of $4.6 million dollars to help offset rising property taxes for Atlanta residents.
The order also calls for the City’s COO to draft legislation that authorizes the execution of the agreement with Invest Atlanta, the City’s Economic Development and Redevelopment Agent, and to approve the necessary transfer of funds.
“Making sure legacy residents can afford to stay in their homes is one of our Administration’s top priorities,” Bottoms said. “This Anti-Displacement Program will provide financial relief to homeowners who are on the verge of being priced out of their homes.”
The Mayor and her team negotiated the $28-million Gulch Housing Trust Fund as part of an agreement with developer CIM Spring St. for the development of the downtown area known as the Gulch in October 2018. The agreement included both the exchange of real property and numerous public purpose initiatives that support the city’s goals with regard to affordable housing, public safety, and economic development.
“This (agreement) with CIM represents a once in a lifetime chance to bring much-needed investment and redevelopment to the heart of downtown Atlanta,” Bottoms said at the time. “The planned development will not only increase the city’s tax base and help to attract new employers, it will bring us closer to our vision for One Atlanta through a number of significant investments.
“Never in the history of our city has a single development deal been negotiated in a way that will have such far-reaching, generational impact,” she added.
Other administration-negotiated community investments provided through the Gulch agreement of 2018 include:
- Required minimum affordable housing residential units of 200 or 20 percent, whichever is greater
- $2 million commitment for workforce training
- $12 million investment into a citywide economic development fund
- Commitment to unprecedented levels of minority and female-owned businesses with a goal of at least 38 percent utilization and an offer of 10 percent equity
- $12 million commitment towards the construction of a new seven-bay fire station