The Atlanta City Council on Monday approved an ordinance setting the stage for the sale of up to $120 million of bonds to finance major start-up costs in the long-delayed BeltLine project.
The BeltLine redevelopment plan calls for redeveloping portions of urban, residential, and commercial properties in the Beltline tax allocation district, revitalizing a 22-mile inner core area around downtown, and curbing sprawl.
The City Council in September authorized the negotiated sale of the bonds, to be sold in one or more series. The underwriters are Wachovia Bank NA, Jackson Securities LLC, and SunTrust Capital Markets, according to the ordinance the Council approved on Monday.
While the complete structure of the deal is unknown, the bonds are expected to mature in 2030.
Proceeds will be used to buy and develop green space and public art, purchase transit right of way, construct affordable workforce housing, perform Brownfield remediation, and pay for other transportation and pedestrian-related projects, the ordinance said.