In Smyrna, it’s an empty 48-acre tract of land that once was an apartment complex. In Clayton County, it’s a vacant slice of a 155-acre site that was supposed to house a hotel and conference center.
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Atlanta Journal-Constitution editor Lois Norder contributed to this article.
A sampling of metro Atlanta investments
- Smyrna is still waiting for a developer to buy land the city bought in 2011. Its first payment on the $15.9 million in bonds will be due in February 2014.
- Clayton County had plans for a hotel, golf course and office complex dubbed “Gateway Village,” using $29.8 million in bonds to buy commercial and residential properties. The properties haven’t sold, and taxpayers have paid about $8 million since 2009.
- In Atlanta, special “tax allocation districts” that cover Atlantic Station used $330 million in bonds to transform a former steel mill into a major retail attraction.
By the numbers
$68 million: Amount in bonds Marietta wants voters to approve
$160: Annual taxes on $200,000 home if measure is approved
20: Number of years on the bond