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Gulch Development Papers Removed from Consideration during Wednesday’s Special-Called Meetin

Post Date:10/19/2018 4:33 PM

NEWS RELEASE MASTHEAD

FOR IMMEDIATE RELEASE
Council Communications
Atlanta City Hall
55 Trinity Ave. S.W.
Atlanta, GA 30303

 

CONTACT:
Dexter Chambers
Director, Office of Communications
Office: (404) 330-6309
Mobile: (404) 392-0159
Email: dchambers@atlantaga.gov

October 19, 2018

Gulch Development Papers Removed from Consideration during Wednesday’s Special-Called Meeting

ATLANTA – Today, Mayor Keisha Lance Bottoms’ administration has requested the removal of all Gulch development-related legislation from consideration during a special called meeting of the Atlanta City Council scheduled for Wednesday, October 24, 2018. 

The only item that will be considered for the special called meeting on October 24, 2018 is related to the Department of Watershed Management – Water and Wastewater System Revenue Refunding Bonds Series 2018C.

The legislative items to be removed are the following:

Ordinance 18-O-1476:

AN ORDINANCE BY COUNCILMEMBERS CLETA WINSLOW, IVORY LEE YOUNG, JR. AND MICHAEL JULIAN BOND 

AS SUBSTITUTED BY COMMUNITY DEVELOPMENT/HUMAN SERVICES COMMITTEE TO PROVIDE FOR THE ISSUANCE AND SALE, FROM TIME TO TIME, OF ITS MASTER DRAW-DOWN TAX ALLOCATION BOND (WESTSIDE GULCH AREA PROJECT) IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $625,000,000; AND FOR THE RELATED SERIES TAD BONDS ISSUED THEREUNDER; TO PROVIDE FUNDS TO PAY A PORTION OF THE COSTS ASSOCIATED WITH THE ATLANTA GULCH PROJECT AND CERTAIN WESTSIDE NEIGHBORHOOD PROJECTS; TO AUTHORIZE THE EXECUTION, DELIVERY AND PERFORMANCE OF A MASTER INDENTURE OF TRUST, A FIRST SUPPLEMENTAL INDENTURE OF TRUST, A TAX CUSTODY AGREEMENT, A DRAWDOWN BOND PURCHASE AGREEMENT AND A TAD DEVELOPMENT AGREEMENT; TO DESIGNATE REGIONS BANK AS TRUSTEE, PAYING AGENT AND REGISTRAR; TO DESIGNATE WELLS FARGO BANK, NATIONAL ASSOCIATION AS TAX CUSTODIAN; AND FOR CERTAIN OTHER PURPOSES, ALL IN CONNECTION WITH THE ISSUANCE AND SALE OF THE FOREGOING DESCRIBED BONDS.


Ordinance 18-O-1480:

AN ORDINANCE BY COUNCILMEMBERS CLETA WINSLOW, IVORY LEE YOUNG, JR. AND MICHAEL JULIAN BOND 

AS SUBSTITUTED AND AMENDED BY COMMUNITY DEVELOPMENT/HUMAN SERVICES COMMITTEE 

TO REQUEST THE ESTABLISHMENT BY THE DOWNTOWN DEVELOPMENT AUTHORITY OF THE CITY OF ATLANTA (THE “AUTHORITY”) OF A MASTER PROGRAM FOR FINANCING OR REFINANCING THE ACQUISITION, DEVELOPMENT, CONSTRUCTION, EQUIPPING AND INSTALLATION OF A PORTION OF THE ATLANTA GULCH PROJECT THROUGH THE AUTHORIZATION BY THE AUTHORITY OF ITS MASTER DRAW-DOWN INFRASTRUCTURE FEE REVENUE BOND AND RELATED SERIES EZ BONDS IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $1,250,000,000.00; TO AUTHORIZE THE EXECUTION, DELIVERY AND PERFORMANCE OF AN INTERGOVERNMENTAL AGREEMENT WITH THE DOWNTOWN DEVELOPMENT AUTHORITY OF THE CITY OF ATLANTA; TO AUTHORIZE ACKNOWLEDGEMENT OF SERVICE AND FILING OF AN ANSWER ON BEHALF OF THE CITY IN VALIDATION PROCEEDINGS TO BE BROUGHT IN VALIDATING THE MASTER DRAW-DOWN INFRASTRUCTURE FEE REVENUE BOND, RELATED SERIES EZ BONDS IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $1,250,000,000.00 AND THE SECURITY THEREFORE; AND FOR OTHER RELATED PURPOSES.


Ordinance 18-O-1484:

AN ORDINANCE BY COUNCILMEMBERS CLETA WINSLOW, IVORY LEE YOUNG, JR., AND MICHAEL JULIAN BOND 

AS AMENDED BY FINANCE/EXECUTIVE COMMITTEE 

AMENDING ORDINANCE 17-O-1793 THAT AUTHORIZED AN EXCHANGE TRANSACTION BETWEEN THE CITY OF ATLANTA ("CITY") AND CIM SPRING ST. (ATLANTA) OWNER, LLC ("CIM") TO INCLUDE ADDITIONAL CIM PROPERTY IN THE EXCHANGE TRANSACTION; AND FOR OTHER PURPOSES.


Ordinance 18-O-1485:

AN ORDINANCE BY COUNCILMEMBERS CLETA WINSLOW, IVORY LEE YOUNG, JR. AND MICHAEL JULIAN BOND 

AS SUBSTITUTED BY COMMUNITY DEVELOPMENT/HUMAN SERVICES COMMITTEE 

TO PROVIDE FOR THE RESTATEMENT AND EXCHANGE OF ITS TAX ALLOCATION VARIABLE RATE BONDS (WESTSIDE PROJECT), SERIES 2001-R, IN THE CURRENT OUTSTANDING PRINCIPAL AMOUNT OF $3,535,000, ITS TAX ALLOCATION VARIABLE RATE BONDS (WESTSIDE PROJECT), SERIES 2005A-R, IN THE CURRENT OUTSTANDING PRINCIPAL AMOUNT OF $32,680,000, ITS TAX ALLOCATION VARIABLE RATE BONDS (WESTSIDE PROJECT), SERIES 2005B-R, IN THE CURRENT OUTSTANDING PRINCIPAL AMOUNT OF $4,905,000, AND ITS TAX ALLOCATION VARIABLE RATE BONDS (WESTSIDE PROJECT), SERIES 2008-R, IN THE CURRENT OUTSTANDING PRINCIPAL AMOUNT OF $48,290,000, IN ORDER TO RESTRUCTURE THE SECURITY THEREFORE; THE EXECUTION AND DELIVERY OF AN AMENDED AND RESTATED INDENTURE OF TRUST AND AN AMENDED AND RESTATED CONTINUING COVENANTS AGREEMENT; AND FOR CERTAIN OTHER PURPOSES, ALL IN CONNECTION WITH THE RESTATEMENT AND EXCHANGE OF THE FOREGOING DESCRIBED BONDS.


Resolution 18-R-3381:

A RESOLUTION BY COUNCILMEMBER MICHAEL JULIAN BOND

AS SUBSTITUTED (2) BY COMMUNITY DEVELOPMENT/HUMAN SERVICES COMMITTEE

TO AMEND CERTAIN PROVISIONS OF THE WESTSIDE REDEVELOPMENT PLAN SO AS TO EXTEND THE TERMINATION DATE OF THE WESTSIDE TAX ALLOCATION BOND

DISTRICT NUMBER 1, AS AMENDED - ATLANTA/WESTSIDE (THE “WESTSIDE TAD”) TO DECEMBER 31, 2048; TO MODIFY THE ANTICIPATED TAX ALLOCATION BOND AVAILABILITY FOR USE IN THE WESTSIDE TAD; TO RESCIND CONFLICTING RESOLUTIONS; AND FOR OTHER PURPOSES.

 


The original request that city council consider the above papers next week was made by the administration on Oct. 17.

Attachments enclosed:   Memo to Council President Felicia Moore

                                           Updated Memo – Special-Called Meeting

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