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Roswell council approves first reading of hotel-focused development finance program using CPACE mechanism
Summary
The City of Roswell on July 28 approved on first reading an ordinance establishing a CPACE-backed Roswell Development Finance Program focused on financing new hotel projects.
The City of Roswell on July 28 approved on first reading an ordinance establishing the Roswell Development Finance Program, a financing tool that uses the state Commercial Property Assessed Conservation, Energy, and Resiliency Act (OCGA 36-62-17, or CPACE) and targets new hotel development in the city.
The program, presented by Daryl Connolly, director of economic development, is structured so third-party lenders provide capital that is repaid through a special tax assessment rather than by city general funds. "What the program does is it leverages a law that was set, put in place by the state ... OCGA 36 62 17," Connolly said. The city will administer the program on behalf of the Roswell Development Authority through an intergovernmental…
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