Atlanta-based Novare Group will be granted $355,454 in development fee waivers by the Powder Springs City Council because of a 3-2 vote on Sept. 20. However, Novare Group will pay $57,194 to the city. The downtown redevelopment project by Novare Group will include Class-A apartments, retail space and outdoor green space, according to a city statement.
Opposed to Novare’s economic incentives within the city’s Enterprise Zone were Councilwomen Nancy Farmer and Patricia Wisdom. They said they did not support this downtown redevelopment from the beginning.
Since 2002, Mayor Al Thurman said city officials have been told by the Atlanta Regional Commission’s Livable Centers Initiative they need to get a quality developer for their downtown. City Manager Pam Conner said these economic incentives are warranted for downtown redevelopment.
Novare was granted a 10-year deescalating ad valorem tax abatement for its estimated $38 million downtown development of 221 apartments and nearly 5,000 square feet for retail and restaurant businesses.
Since a majority of the property for which Novare Group is seeking the abatement is city property, that property does not yield property tax revenue for the city. Sitting on the 4.9-acre property now is City Hall and Community Development facilities that will become a part of the existing and expanded Municipal Court building.
Novare Group is set to redevelop that acreage as a part of its 6.3-acre assemblage that Novare Group agreed to purchase from the Powder Springs Downtown Development Authority for $3.5 million, also including 1.4 acres on Hotel Avenue.
The parent company of Novare Group is NGI Investments, LLC; and the project name is NGI Powder Springs, LLC.
Information: CityOfPowderSprings.org, NovareGroup.com/projects
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