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19 Comments

  1. 1

    flubber

    Would love to know who the unnamed company is. And all of this will be accomplished without investing school funds in private development. Over time, the school system gets more funding via property taxes anyway. A win-win for our students.

  2. 2

    3 or more characters.

    The Doraville Development Authority bypassed the school system with their own abatement. School system would have been better off participating from the beginning.

  3. 3

    Winning the future

    Yep! Y’all should be so proud of Dr Green and his ignorance on this topic!

  4. 4

    RAJ

    The abatement only applies to the Assembly property, the school board still gets it’s tax money from the rest of the TAD area by not signing on to the TAD over the next 30 years. This is a very complicated deal!

  5. 5

    RAJ

    Only missing his school money from the Assembly area, not the entire TAD.

  6. 6

    RAJ

    Not sure the company exists….could be just smoke & mirrors!

  7. 7

    Ellen

    Let the bondholders take the risk that the project may not be a success rather than the public school system.

  8. 8

    RAJ

    That’s true(except that COUNTY services suffer to the tune of $180M )but the bond holders(they have been identified in advance)have an agreement with DeKalb County that this project is”To big to Fail” and the County Commissioners will vote(unanimously)to bail out this project! If we had to make a deal(guess everyone thought it necessary)then this was the the best the County could do to protect the taxpayer and I expressed as much to the developer after the meeting with a plea to….PLEASE make this work!! Central and South DeKalb got the shaft on this deal because our Planning Department has limited resources to spread to the rest of the County.

  9. 9

    Winning the future

    Haaaaaahaaaaaahaaaa. haaaaaaahaaaaaa. Oh, please stop, I can’t take it anymore. Bahhhhhhhhhh haaaaaaaaaaa

  10. 10

    Blinded Authority

    What if a project like this or Dunwoody Perimerer State Farm couldn’t get the sewer permit because no capacity flow model available required in EPA Consent Decree? Will ALL North DeKalb Cities repair stormwater failures and connections to sanitary in order for an accurate flow model creation?If, and when, the city is faced with debt payment default (i.e Development Authority bankruptcy) and losing credit rating OR subsidizing from the General Fund, what do you think they will do?

    Which is better? Ask Gwinnett Braves, Atlanta Fulton County Recreational Authority, City of Brookhaven, Chamblee or Doraville. Are developers preparing for litigation as we speak?

  11. 11

    RAJ

    Sewer permit in this area is questionable but since this is an”area” TAD with no specific project in the planning stage and only $4M budgeted for environmental remediation
    , and no solid agreement with CSX or MARTA to tunnel under their tracks the bond issuance(junk bonds) by Doraville DDA are questionable…..a DeKalb County bailout is the backup plan!

  12. 12

    B\'haven Birdie

    Don’t most developers announce who will partner with them on a project?
    All this secrecy on who will relocate and bring jobs seems like the deal is not done…
    Only a fool would “invest” in these muni bonds.

  13. 13

    messydetails

    @Birdie: Fools abound and besides, bonds are sold with little disclosed about the “project”. All you have to know is the nature of the contamination of the groundwater and the manner in which EPD says to “wait and see” what kind of development is proposed for an investor to run (not walk) away–but…that will not be reported.

    Note: the tax abatement portion isn’t financed by actual bonds. It’s just a pass thru deal with lease payments passed thru to Integral’s construction and land note holder, Bank of the Ozarks. Ozarks would be considered the “fools” in your parlance, Birdie–except that fine institution with its high interest payments also has the “project” as collateral. No fools, they?

    The TAD portion is indeed financed by bonds. They are sold as “TAD Bonds” and recognized by the industry as “junk”. So, in an environment where you can get 2 to 3 percent on your money with market rate securities, are there people will to take a shot at 6 to 7 percent junk bonds? Probably. The remarkable thing about these bonds is they will have the name “Doraville” on them. That should add at least another one percent on the risk side.

    The only fools involved here are government officials who think the GM project “must” get “done” by the current property holder of record, addicted to government subsidies at an alarming level–able to persuade yet another jurisdiction to enable the addiction.

  14. 14

    RAJ

    And then at the last minute Doraville adds to Monday night’s agenda a Special Tax District to the Assembly area which encumbers the City’s remaining 7 mills of property tax revenue “as a financial backstop for the CID’s infrastructure bonds in the event of bond default”. This agenda item was requested by the property owner to provide extra collateral and thus add to the marketability of the bonds.

  15. 15

    RAJ

    NOW Doraville has the choice of a 1.2 Million affluent holding tank(probably in the SE corner of the project, or developer building a sewage treatment plant in Doraville ,probably near the same area and deeding it over to the County to operate. Did Doraville get what they wished for. Will bond buyers be happy to buy bonds if the treatment plant has to be constructed up front and they have to live with the consequences!

  16. 16

    Told You So

    Just damn. Nothing says mixed-use like a Wastewater Treatment Plant view.

    “Gentle fog steams up from the far lakeshore as sun rises over the doo.”
    The Assembly – Welcome Home. Vacancies available.

    Thanks for the updates, RAJ!

  17. 17

    Winning the future

    So many experts on the internet. Hahahahahahahah Mic drop here.

  18. 18

    Told You So

    @messydetails or RAJ

    Who is senior and who is subordinated on the Assembly loan or the TAD loan? Is Bank of the Ozarks senior or Wall Street high yield muni bond manager? I guess they’ll figure it out in bankruptcy court. Messy, indeed.

    HYD (High Yield Muni Index) has been getting smoked since the election. Probably just a function of lower tax rate equivalencies, but who knows. Maybe the market is seeing through the BS.

  19. 19

    tom doolittle

    Probably start seeing some financing references from the GM property purchase in the AJC–or indirectly via “small-market” news outlets now that the Atlanta Elite are “disengaging” from Perry. The following article would never have been published before his difficulties at GM site and latest problems with Brookhaven TOD. Now its open season on him–“disavowed”.

    http://www.myajc.com/news/local/how-atlanta-housing-agency-for-the-poor-might-help-the-well-off-instead/X83FzlKPaZrShAPVz2FP6O/

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