Imagine Downtown Inc., an affiliate of the Atlanta Development Authority and Central Atlanta Progress, announced Tuesday that it had closed on the first New Market Tax Credits loan for Aerotropolis Atlanta, a project adjacent to Hartsfield-Jackson Atlanta International Airport that will include a regional job and retail complex.

Using $30 million of tax credit authority, IDI provided a loan to the developer Jacoby Development Inc. toward phase one of Aerotropolis, a $96 million project that will demolish all buildings and complete environmental remediation of the site, formerly the Ford Atlanta Assembly Plant. Eventually the project will consist of up to 6.5 million square feet for offices, retail space, a hotel, and a conference center to be built over several phases.

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