Posted Sep 18, 2018, 12:54 AM
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Registered User
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Join Date: Jun 2014
Posts: 147
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I could certainly envision a scenario where the state gives CIM several hundred million worth of incentives to build provisions for a future commuter rail station under the development, as that would be a public benefit worthy of significant investment.
I could absolutely get on board with the city contributing $500 million or so in tax incentives of its own to build the elevated platform and new public streets, as that would be a public benefit worthy of significant investment.
But none of that is currently what's proposed. The state and the developer are trying to strongarm Atlanta taxpayers for almost $2 billion for a development with private buildings, private streets, and a private parking lot underneath. They'll fund a new fire/police station... which would mainly serve to protect their private development.
It's nuts to suggest that we should give up almost $2 billion in tax revenue that we'd get if these buildings were built elsewhere. If Amazon wants to come to Atlanta they're getting their own incentives and have building site options all over the city. It's not going to be contingent on this particular real estate developer getting a massive tax break of their own.
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