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Guest donaltopablo

Atlantic Station eligible for federal bonds

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Guest donaltopablo

Sounds interesting. I hope the federal government doesn't just allow these bonds for any supposedly "mixed used" development, since we have seen that term abused. However, I think this is a good thing for Atlantic Station. We all know phase one is underconstruction and appears to be doing very well. I hoping the availability of these bonds allows them to finish out the additional phases which I think will really make Atlantic Station more total neighborhood it desires to be, rather than just simply a retail mecca with some housing and office it will be once phase 1 is finished. I think without the addition of more office space and even more importantly, far more residential, it will fall short. Got my fingers crossed, but this could be good news.

Atlantic Station eligible for federal bonds

The Atlantic Station development in Midtown Atlanta is eligible for tax-free federal bonds to aid in the financing of the project, U.S. Sen. Zell Miller said.

The U.S. Senate approved an energy bill Nov. 19 that includes $2 billion in tax-free bonds, known as "green bonds," that allow energy conserving and environmentally friendly development projects to borrow money by issuing bonds on which the interest paid to bond purchasers is not taxed.

The bonds will support development projects that will create dense, multiple-use clusters of structures that have positive environmental and conservation impacts on surrounding communities.

The House of Representatives passed the bill Nov. 18. President Bush has indicated he will sign the bill into law. The earliest the green bonds for Atlantic Station would be available is July 1, 2004, pending approval from the Department of Energy and the Environmental Protection Agency, Miller said.

Developers of Atlantic Station have indicated they would apply immediately for a share of the $2 billion in bonds, Miller said.

"This is a win-win situation for Atlanta, the environment and the 30,000 people who will be employed when the project is completed. Atlantic Station will be the national model of 'smart-growth' communities," Miller said.

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