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Tuesday, October 28, 2008

Beltline inches closer to deadline, special meeting called

Sources tell CL that Atlanta City Councilmembers were given notice today that a special-called meeting will be held at City Hall tomorrow at 3 p.m. Details are vague, but the event could mean developments are underway for the 22-mile loop of parks, trails, transit.

Why? Well, as we've been reporting, the Oct. 31 deadline for Beltline leaders to settle the debt on property purchased from Gwinnett County developer Wayne Mason is drawing near. The property — a 66-acre parcel of land and transit right-of-way located near Piedmont Park in the project's northeast quadrant — generated controversy this summer when Beltline leaders decided to allocate nearly half the TAD bond funding to settle the debt. If it's not repaid, the Mason property could enter foreclosure.

Because of the virtually shutdown bond market, those TAD bonds have been delayed until the project's financial wizards could secure the best possible deal. Beltline leaders would most likely have to brief City Council on their progress.

Regardless, we'll be there and update once we hear word.

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