GULCH RE­DE­VEL­OP­MENT

The Atlanta Journal-Constitution - - FROM PAGE ONE -

Scope: De­vel­oper CIM Group has out­lined a project of $3.5 bil­lion to $5 bil­lion. It could grow to more than 9 mil­lion square feet of of­fice space, 1,000 res­i­dences, 1,500 ho­tel rooms and 1 mil­lion square feet of re­tail space.

Part­ners: CIM and the At­lanta Hawks. Cal­i­for­nia-based CIM was co-founded by Richard Ressler. His brother Tony is the lead owner of the Hawks.

In­cen­tives: Pend­ing re­vi­sions, the pro­posed pub­lic fi­nanc­ing is $900 mil­lion to $1.75 bil­lion, though those fig­ures could grow based on fi­nanc­ing charges. It would be funded by a por­tion of sales taxes gen­er­ated on-site and bonds backed by ex­pected fu­ture in­creases in prop­erty taxes.

Com­mu­nity ben­e­fits: CIM has agreed to a pack­age of af­ford­able hous­ing com­mit­ments, jobs train­ing and other com­mu­nity ben­e­fits.

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