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CUMBERLAND One of Cobb County's wealthiest developers is being offered tax breaks on a $100 million project that includes apartments and offices near the proposed Atlanta Braves stadium in a deal that doesn't meet the county's own standards for incentives.
Calls to that company, Preferred Apartment Communities, were directed to the firm's president, who said the company is simply acting as a lender on the project.
"If you look at the project comprehensively, the total scope of the project would warrant that level of consideration," said Geter, who is also employed as an economic development manager with Nike Air Max White Womens Price
Developer scores incentives deal near Braves stadium site
A $100 million development would pump more than 15 times that amount into county coffers, with $436,400 generated for the county, another $756,000 for Cobb schools and $6,000 for the state, according to estimates provided by the county finance office.
But he encouraged them not to give up on striking an incentives deal geared toward tax abatement.
The developers' application appears to be on a fast track toward final approval. If it gets that approval, it will mean Riverwalk pays no property taxes in year one of the 10 year abatement, then pays on 10 percent of the property value in year two, 20 percent in year three and so on until year 10 when it assumes 100 percent ownership in the property.
apartment project has received tax abatement. A tax subsidy would lower the company's costs, allowing it to undercut its competitors by offering lower rents.
Cobb Parkway and Cumberland Boulevard in the Cumberland Community Improvement District will contain 236 condos, 14 three story townhomes and a 10 story office tower offering 200,000 square feet of "Class A" space, which targets the highest paying office tenants.
While Cumberland based Greenstone Properties is listed as the developer of record for Riverwalk, one of John Williams's companies is involved as a financial backer.
"It un levels the playing field, giving the well connected player, Williams, an unfair advantage over other competitors in the local real estate market," Lamberton said.
"Ninety percent of the cases will follow those incentives the county follows," said Geter, referring to the county's requirement that a project create 25 jobs and contribute $500,000 to the tax digest.
Preferred Apartment Communities plans to move its headquarters into a 60,000 square foot space at the new office tower and Greenstone will take up between 5,000 and 10,000 square feet, said Chris Scott, principal of Greenstone. How often it decides to make an exception, and how it goes about choosing the developers who qualify for special treatment, remains shrouded in secrecy.
the Cobb Chamber of Commerce.
In a Nov. 18 letter, Lee told the developers their project won't add the 25 jobs and $500,000 to the county's tax digest needed to qualify for a waiver of permitting fees.
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Williams could not be reached for comment.
Riverwalk would also mark the first time county leaders can recall that an Nike Air Max Ultra Essential White
The two parcels that make up the 7 acres of undeveloped land are valued now at Nike Air Max Women Yellow about $6.1 million, according to the Cobb County Tax Commissioner's website. The county received $26,803 in tax revenue from the parcels in 2013, the Cobb School District received $46,433 and the state got $368.
The abatement would also allow Williams and his investors to avoid the coming three mill tax increase the Board of Commissioners is expected to approve later this month to be levied on owners of apartment complexes and commercial properties in the Cumberland CID. That new tax will be used to help pay for the Atlanta Braves stadium deal.
Coming off the tax rolls
Williamsfounded Post Properties Inc. in 1970 and has directed the development of more than $5 billion in real estate during his career.
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