Atlanta is sitting on at least $68 million in cash, plus more than $200 million in borrowing capacity, in a program designed to foster development in blighted neighborhoods.
The cash and available debt evidently has accrued as a result of the bust in real estate development. With so few projects brought forward by the private market, the city’s program to help them – a program fueled by property taxes – has laid fallow. Few parks, sidewalks, roads or sewers have been created or even upgraded with the special fund during the downturn, even as its coffers swelled.
Mayor Kasim Reed’s administration intends to revise the program as part of its first effort to devise a citywide economic development plan. The city’s previous comprehensive economic development plan expired at the end of 2009 when its chief sponsor, former Mayor Shirley Franklin, left office.