Over $ 300 million committed to keep the Atlanta BeltLine Trail corridor on schedule
Atlanta BeltLine, Inc. (ABI), Atlanta BeltLine Partnership (ABP) and their partners have reached a major funding milestone that keeps Atlanta’s most ambitious development project on schedule to complete the entire trail corridor by the end of 2030 when the redevelopment plan Atlanta BeltLine for 25 years and its District Dedicated Tax Allowance (TAD) is set to end, according to an announcement this week.
Newly secured local, federal and philanthropic funds bring more than $ 300 million from $ 350 million needed for the spine of the wider BeltLine project.
Catalyzed by the passage of BeltLine Special Service District (SSD) in March, community resources significantly align to support the completion of the 22-mile Atlanta BeltLine Trail.
The $ 300 million mark was crossed less than a year after Atlanta City Council, with backing from Mayor Bottoms and major business owners, approved legislation creating the SSD. Obligations financed by the SSD closed on December 9, providing an immediate infusion of funds to continue the momentum achieved in 2021 when three new segments of the Atlanta BeltLine trail system were opened to the public. The bond financing plus the additional SSD tax increase will generate a total of $ 100 million.
“The passage of the SSD and the subsequent funding it has unlocked is critical to keeping the overall BeltLine project on track,” said the CEO of Atlanta BeltLine, Inc. Clyde Higgs in the output. “They provide the financial certainty we need to aggressively proceed with the trail implementation and allow us to use TAD funds to advance BeltLine’s comprehensive vision, including affordable housing, public transportation , parks, art and equitable economic development. ”
ABP also obtained a $ 80 million contribution from The Robert W. Woodruff Foundation to help fund the completion of the BeltLine Trail Corridor. The Woodruff Foundation donation also supports the Legacy Resident Retention Program, which mitigates displacement by helping homeowners raise property taxes through 2030, as well as ongoing ABP programs and operations over the next five years.
“Words cannot express our gratitude to the Woodruff Foundation for its historic investment in the BeltLine and the communities it connects,” said the executive director of ABP. Rob brawner. “It’s truly inspiring as we continue to work with longtime new BeltLine donors to raise the philanthropic funding remaining needed to complete the BeltLine Trail Corridor as part of a larger campaign to support the new parks. BeltLine, resident retention and programming. “
This historic donation follows ABI’s recently refined strategy of building trails and affordable housing. Signals of support from public and private entities, ranging from the city of Atlanta to the business community, paved the way for these historic fundraising statements. These commitments demonstrate widespread recognition that the BeltLine fuels a more equitable future for Atlanta and its residents, in keeping with Mayor Bottoms’ vision for One Atlanta.
In November, the City of Atlanta and ABI received a USDOT RAISE grant of $ 16.46 million for the construction of the Southside Trail. The RAISE grant brought total federal funding to the $ 350 million needed to complete the corridor to approximately $ 29 million, which includes nearly $ 12 million through the Atlanta Regional Commission Transportation Improvement Program for the Southside and Northeast Trail segments and $ 500,000 from the Environmental Protection Agency for the remediation of the Southside segments Trail.
SSD, philanthropic and federal funds complement the $ 100 million Atlanta BeltLine, Inc. has been dedicated to completing the trail corridor from the TAD BeltLine – and they are demonstrating significant progress towards achieving the $ 350 million financing plan that was established in support of the SSD.
In line with ABI’s equity and inclusion priorities, adoption of SSD enables up to $ 45 million in additional funding for affordable housing, up to $ 12 million in additional support for small business and up to $ 150 million in construction and design funds for minority groups. entrepreneurs. Completion of the trail corridor is expected to generate a total economic impact of $ 10 billion and approximately 50,000 permanent jobs for the city of Atlanta.
Work continues to secure the remaining local, federal and philanthropic resources needed to fully fund the completion of the corridor.