Approval is requested of a resolution supporting Ambling Development Partners, \n \n LLC d/b/a Ashton Avalon, LP and authorizing tax abatements for a multi-family \n \n housing complex to be located at 3751 Cusseta Road under the Enterprise Zone \n \n Act.
Approval
Approved
Background
The multi-family housing project located at 3751 Cusseta Road a/k/a tax map
064 016 016X (formerly the Mockingbird Trailer Park) is within the boundaries
of the Enterprise Zone. Ambling Development Partners, LLC, is building a 250
unit apartment complex with layouts having heights at low levels, up to three
levels and shall envelope 8 to 24 units depending on individual positioning of
each building.
Analysis
Ambling Development is requesting tax abatements under the Enterprise Zone
Act. The project meets the Enterprise Zone criteria for new residential
construction, which is the value of the improvements will exceed the value of
the land by a 5 to 1 ratio. The tax abatement will be for ad valorem taxes
only.
Financial Considerations
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 must approve tax abatement under the Enterprise Zone Act.
Recommendations/ Actions
Approve the resolution supporting Ambling Development Partners, LLC d/b/a
Ashton Avalon, LP and authoring tax abatements for a multi-family housing
project to be located at 3751 Cusseta Road under the Enterprise Zone Act.
A RESOLUTION
NO. _____
A RESOLUTION GRANTING SUPPORT FOR AMBLING DEVELOPMENT PARTNERS, LLC
D/B/A ASHTON AVALON, L.P. AND AUTHORIZING TAX EXEMPTIONS, AS ALLOWED UNDER THE
ENTERPRISE ZONE ORDINANCE(S) 98-30; 00-106; AND 01-29 FOR A MULTI-FAMILY
HOUSING PROJECT AT 3751 CUSSETA ROAD.
WHEREAS, City Council amended Ordinance #98-30, to provide that residential
construction shall be allowed as a qualified business enterprise as defined
under the Georgia Enterprise Zone Employment Act of 1997; and,
WHEREAS, the project meets the Enterprise Zone criteria for new residential
construction, which is the value of the improvements will exceed the value of
the land by a 5 to 1 ratio; and,
WHEREAS, the tax abatement will be for ad valorem taxes only; and,
WHEREAS, Ambling Development Partners, LLC proposes to build a 250 unit
apartment complex; and,
WHEREAS, the multi-family housing project located at 3751 Cusseta Road is
located within the Enterprise Zone boundaries.
NOW, THEREFORE, THE COUNCIL OF COLUMBUS, GEORGIA, HEREBY RESOLVES AS FOLLOWS:
That the Ambling Development Partners, LLC D/B/A Ashton Avalon, LP is hereby
granted tax abatement as allowed under the Enterprise Zone ordinance(s) 98-30;
00-106; and 01-29 for the multi-family housing project located at 3751 Cusseta
Road.
_______________________________
Introduced at a regular meeting of the Council of Columbus, Georgia, held the
_________day of _____________, and adopted at said meeting by the affirmative