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Roswell council adopts development finance program to support new hotels, approves intergovernmental agreement
Summary
The City of Roswell approved an ordinance creating a Roswell Development Finance Program (a CPACE-style assessment program focused on new hotel projects) and an intergovernmental assessment agreement with the Roswell Development Authority. Council voted unanimously on both measures.
Roswell Mayor Curt Wilson and the City Council voted unanimously Monday to adopt an ordinance establishing the Roswell Development Finance Program and to approve a companion intergovernmental assessment agreement with the Roswell Development Authority (RDA).
The program uses authority under OCGA 36-62-17 — the Commercial Property Assessed Conservation, Energy and Resiliency Act (commonly called CPACER or CPACE) — to enable third-party capital to fund eligible energy, water conservation, renewable energy and resiliency improvements on qualifying projects. Daryl Connolly, the city’s director of economic development, told council the program is narrowly targeted to help new hotel projects become financially feasible by replacing higher-cost mezzanine financing with lower-cost special-assessment-backed capital.
The ordinance and the intergovernmental assessment agreement together establish the…
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