Monday, June 8, 2009
News Town hall meeting on Sembler bailout
Posted by Scott Henry @ScottTheHenry on Mon, Jun 8, 2009 at 8:41 PM
In a little under three hours, state Rep. Mike Jacobs, D R-North DeKalb, will lead a town hall meeting to discuss the pros and cons of giving the mighty Sembler Co. a free ride on county taxes so its massive Town Brookhaven complex doesn't go bust.
The irony, of course, is that many people in and around Brookhaven didn't want the ginormous project — with 600,000 square feet of retail space and more than 1,500 residential units — in the first place. Now that development has started, those same homeowners are faced with the prospect of bailing out the project or be left with a huge patch of empty mud.
But let's stay focused on the future, shall we? Tonight's 7 p.m. meeting is in the Fellowship Hall of Chamblee United Methodist Church at 4147 Chamblee Dunwoody Road. According to Jacobs:
We will discuss the mechanics of the tax abatement and ways that you can make sure you have a voice in whether it goes forward. In addition, Sembler will make a 15-minute presentation to give you their perspective on the proposal.
Having a voice in the decision might not be so easy. Jacobs points out that the appointed DeKalb Development Authority has sole discretion in granting a tax abatement — rather than the elected county commission or the county school board, which directly represent the entities that would lose the tax income.
The type of arrangement Sembler is proposing even has a squirrely name, "phantom bond deal" — Sembler would deed the project over to the development authority for 20 years, which would lease it back to the company. Because the project would be owned by a county authority, it would no longer be subject to property taxes, although Sembler would still be responsible for paying off the construction loans.
Jacobs says two aspects of the proposal worry him. If Sembler gets a bailout, that would open the door for other embattled developers to lobby for the same deal. And, secondly: "If the the projections don't work out, we've just blown a gaping hole in the county tax digest."
Comments (4)
Showing 1-4 of 4
like
dislike
How can Jeff Fuqua stand to look at himself in the mirror? How does he sleep at night? Its just sickening....
Latest in Fresh Loaf
-
5 things today: Goth Valentines, Vouched Books
Goth valentines, poets, Jewish films, and more
-
Pittsburgh rallies for Brandon White; hate crime legislation to be introduced 1
More than 150 people braved cold temperatures to show support for 20-year-old attack victim
-
5 things today: Willie Nelson, Twyla Tharp
The whiskey river runs to Tabernacle, dance at Cobb Energy, and more
- More »
Author Archives
-
His Excellency, Gov. Nathan Deal! 11
Gov. Deal lays down the State of the State
-
State redistricting maps pre-cleared by Justice 6
- More »
