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Workshop: Development Authority reviews property-tax abatements, conduit bonds and financing tools
Summary
At a workshop, presenters and staff explained how the development authority uses leasehold structures and bond resolutions to provide property-tax abatements, described conduit bond financings used by nonprofits and multifamily developers, and reviewed other tools such as tax-allocation districts and PILOT/ususfruct arrangements.
At a workshop during the April 1 meeting, the Development Authority of the City of Alpharetta heard a detailed presentation on the legal and practical mechanics the authority uses to support economic development, including property-tax abatements delivered through leasehold structures and the use of conduit bond financings.
A presenter (identified in the transcript only as “Presenter”) described three common transaction types the authority uses: (1) leasehold-driven property-tax abatement deals that use an inducement resolution followed by a bond resolution and a lease/leaseback structure; (2) conduit, tax-exempt bond financings where the authority issues bonds and acts as conduit for nonprofit, multifamily or health-care borrowers; and (3) transactions in which the city partners with the authority to back public projects via an intergovernmental contract.
The presenter summarized the typical process for a property-tax…
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