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Roswell committee backs ordinance to create development finance program to support targeted hotel projects; council schedules first reading
Summary
The committee approved moving forward with an ordinance to establish the Roswell Development Finance program under OCGA 36-62-17 to help finance energy, water-conservation and resiliency improvements for targeted hotel projects. Staff said loans would be third-party financed, repaid through a special assessment on the property, and administered
The Roswell Mayor and Council committee voted June 24 to advance an ordinance establishing a Roswell Development Finance program intended to help finance targeted hotel developments by enabling third-party capital to finance eligible energy-efficiency, water-conservation, renewable-energy and resiliency improvements.
What the program does: Daryl Connolly, director of economic development, said the program is structured under OCGA 36-62-17 (the Commercial Property Assessed Conservation, Energy and Resiliency provisions enacted by the state) and would be administered through the Roswell Development Authority under an intergovernmental agreement. The program uses private capital (not city general funds) to…
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