BRADENTON, Fla. - The Atlanta City Council approved the refunding of up to $975 million in airport debt.
The bonds, backed by general airport revenues and passenger facility charges, are expected to be issued in four series during 2014 to refund all or portions of bonds sold for improvements at Hartsfield-Jackson Atlanta International Airport in 2003 and 2004.
The City Council voted unanimously to approve the refunding Feb. 3.
"The Department of Finance is evaluating its options as to the size and timing of the bond sale," said Atlanta Chief Financial Officer Jim Beard. "We expect to be in the market with at least the first tranche in the first half of 2014."
The exact size of the transaction will depend on the market conditions immediately prior to sale, he added.
The council also approved the issuance of $35 million of tax allocation bonds for the Perry-Bolton/Northwest Atlanta TAD, which was established in 2002 to redevelop over 500 acres of under-developed real estate in northwest Atlanta.
"The purpose of the TAD is to attract taxable redevelopment opportunities to the Perry-Bolton area," said Councilwoman Felicia Moore, who helped organize the TAD for District 9, her area of representation. TAD's are similar to tax increment financing districts.
The Perry-Bolton projects proposed for bond financing include a mixed-income, mixed-use development at the site of a former public housing development, a shopping center, redevelopment of a vacant site into a neighborhood retail center, as well as demolition and road work.