Money was once a big problem for the Atlanta Beltline.
What was intended to be the project’s primary funding source—a special tax allocation district (TAD, for short)—was short-circuited from a combination of lawsuits over Atlanta Public Schools foregoing tax revenue to the Beltline and revenue shortfalls from tax abatements, the 2008 recession and the COVID-19 pandemic. Consequently, the TAD has not produced sufficient tax revenue to cover the project costs. As recently as 2021, funding to complete the entire 22-mile loop by 2030 looked uncertain and the number of affordable housing units the project promised to build was way under target.
But the Beltline’s big $153.6 million budget for fiscal year 2024, thanks to additional revenue sources, indicates that its funding is back on track. That’s a 30% increase over the project’s 2023 budget of $117 million – and is over five times higher than the Beltline’s 2020 budget of $28.6 million. The biggest additional expenditures will go to real estate investment, which includes acquiring land for housing earmarked as affordable for regular Atlantans.
“This year, we turn a significant corner in the history of the BeltLine as we complete our most active year to date for construction, affordable housing initiatives, land acquisition, and other elements of our program that promote thoughtful, intentional development,” said Beltline CEO Clyde Higgs in an announcement.
The board of Invest Atlanta, the city’s economic development arm, passed the Beltline’s 2024 budget last week. Here’s how it breaks down:
Infrastructure
Slightly over a third of the 2024 budget ($57.1 million) will go to the design, and construction of the trail itself, as well as adjacent parks. Work is expected to continue on several Beltline sections that broke ground earlier this year.
That includes building a 1.2-mile section of the Southside Trail and a…
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