Alpharetta development authority says Fiserv tax-abatement bond has concluded, property to revert to lessee

Alpharetta — Staff told the Development Authority of Alpharetta that the taxable revenue bonds issued to Fiserv and Cobalt Office Partners have reached their term and the authority does not expect further action.

Diana Romano, who presented the item, said the bonds were issued in 2014 to secure an ad valorem tax incentive for a multiuse facility. Construction and improvements were completed in July 2015 and the tax commitment commencement date was Jan. 1, 2016; the bond terms expired in December 2025. "The abatement period is done, and this bond is concluded," Romano said.

Romano said bond counsel has secured the required documents from Fiserv and is in the process of obtaining final documentation from Cobalt Office Partners to cancel the bonds, terminate the lease and transfer the property back to the owner/lessee. She also said the Fulton County Tax Assessor's Office has been informed that the abatement period has ended.

Staff and members framed the closing as a development success: speakers said the initial relocation brought roughly 1,600 existing jobs to Alpharetta and created about 500 additional positions; by 2020 employment at the site had risen to around 2,000. Members also cited an approximately $83,000,000 investment in building improvements tied to the project.

Authority staff told the board these steps were consistent with the original lease and bond agreements and that no additional action by the authority is expected as a result of the closeout. The authority did not set or announce any further follow-up at the meeting.