To

Mayor and Council

Subject

Enterprise Zone Tax Abatement (Victory Crossing Apartment)

Initiator

City Manager's Office

Recommendation

Approval is requested of a Resolution for Ironwood Development, LLC d/b/a \n \n Victory Crossing Apartments, L.P. to receive tax abatements under the \n \n Enterprise Zone Act.

Approval

Approved

Background

Victory Crossing Apartments, L.P. is located on 3390 North Lumpkin Road a/k/a

tax map 043 002 041 and is within the boundaries of the Enterprise Zone.

Ironwood Development, LLC,. has constructed 172 units that will target family

households earning no more than 60 percent of the area median income.

Analysis

The project meets the criteria of the enterprise zone to be eligible for tax

abatement for residential projects. The incentive is for the abatement of ad

valorem taxes only.

Financial Considerations

Tax Abatement under the State of Georgia Enterprise Zone Act will be made

available to this project. Ad valorem taxes will be abated at 100% for the

first 5 years, 80% for year 6, 60 % for year 7 and 8, 40 % for year 9 and 20%

for year 10.

Projected Annual Fiscal Impact Statement

Legal Considerations

Council is to approve this projects eligibility for tax abatement under the

Enterprise Zone Act.

Recommendations/ Actions

Approve the resolution for Ironwood Development, LLC to receive tax abatements

under the Enterprise Zone Act.

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