Invest Atlanta announced Tuesday that the application process for the Westside
Tax Allocation District (TAD) Community Improvement Fund is open to
developers and community groups.
The fund will invest $15 million in capital projects aimed at revitalizing the Vine City, English Avenue and Castleberry Hill neighborhoods.
Created to leverage the ongoing economic benefits
spurred by the construction of the new Atlanta Falcons’ Stadium project, the Community Improvement Fund will invest in transformational capital
projects that result in lasting impact over
a generation and spur private investment and redevelopment of the
neighborhoods in the Westside TAD.
The Arthur M. Blank Family Foundation has created its own fund, the Westside Neighborhood Prosperity Fund, which will invest an additional $15 million in projects and programming in areas such as human services, education, and youth development.
“After five months of robust community engagement through the Community Benefits Plan Committee, we are ready to get moving,” said Mayor Kasim Reed in a news release. “The redevelopment priorities are clear, the application process for funding is transparent and fair. This is a tremendous opportunity to transform these Westside neighborhoods and improve the quality of life for residents.”
Applications will be accepted until April 14, 2014. Funding decisions are expected by May 2, 2014. Applications will be evaluated on their fit into the priority categories established in the Community Benefits Plan and their ability to accelerate quality of life improvements, leverage other public and private funding sources and attract new investment, jobs and residents.
“Through these investments and others, Invest Atlanta is excited to kick-off an historic effort that will transform these neighborhoods into thriving communities where more families will choose to live,” said Brian P. McGowan, President and CEO of Invest Atlanta, the official economic development authority for the City of Atlanta. “The time is now to focus our collective efforts and resources to help these communities of need which will in turn make our city stronger.”
Invest Atlanta is also offering the services of a business consultant to help with the rigorous application process. Applicants can receive additional information and obtain applications by visiting this site.
The stated purpose of Invest Atlanta is to strengthen Atlanta’s economy and global competitiveness in order to create increased opportunity and prosperity for the people of Atlanta.
Chaired by Mayor Reed, and governed by a nine-member board
of directors, Invest Atlanta’s programs and initiatives focus on
developing and fostering public/private partnerships to create jobs,
grow the economy, revitalize neighborhoods, attract investment, spur innovation, and encourage entrepreneurship.
To achieve these goals, Invest Atlanta leverages the benefits of bond financing, revolving loan funds, housing financing, tax increment financing (TIF), and tax credits.
Invest Atlanta contributed information for this report