§ 118-2. Enterprise zones; standards and procedures for creation.

(a)

Standards and procedures for the creation of enterprise zones are as follows:

(1)

Report required prior to designation. Three weeks prior to the designation of any new enterprise zone, the City of Atlanta shall submit two site plans and the following information to the department of planning and economic development, so that the staff can make a full report to the board of commissioners.

(2)

Housing enterprise zones. The following information shall be required to create a housing enterprise zone:

a.

The relationship of the enterprise zone to the overall comprehensive development plan for the area and to the downtown housing plan.

b.

Clear indications of:

1.

Type of housing (single-family, multifamily, condo, fee simple);

2.

Construction type;

3.

Price range or rental rates;

4.

Any displacement of current low income residents; and

5.

Likelihood of future displacement of residents in the immediate vicinity.

c.

A letter from a bank or financing institution as to the necessity of the enterprise zone designation for the development.

d.

A letter from the City of Atlanta to indicate:

1.

The total percentage of land area committed to enterprise zones before the enterprise zone designation;

2.

The total percentage of land area committed to enterprise zones after the new enterprise zone designation;

3.

The total number of units authorized and the number constructed by sales price or rental rate already in such enterprise zones;

4.

The total number of units authorized by sales price or rental rate authorized by this enterprise zone designation;

5.

The amount of taxes being paid currently for the property;

6.

The amount of taxes projected for the housing enterprise zone over a ten-year period;

7.

The need for infrastructure improvements for the project and source of revenue for any such improvements contemplated;

8.

Any federal, state, or local funds committed to the project; and

9.

Any other extenuating circumstances to be considered by the board of commissioners prior to the decision about enterprise zone designation.

(3)

Industrial enterprise zones. The following information shall be required to create an industrial enterprise zone:

a.

The relationship of the enterprise zone to the overall comprehensive development plan for the area, including the area not included in the enterprise zone.

b.

A letter from a bank or financing institution as to the necessity of the enterprise zone designation for the development.

c.

A letter from the City of Atlanta to indicate:

1.

The total percentage of land area committed to enterprise zones before the enterprise zone designation;

2.

The total percentage of land area committed to enterprise zones after the new enterprise zone designation;

3.

The amount of taxes being paid currently for the property;

4.

The amount of taxes projected for the housing enterprise zone over the 25-year period;

5.

The need for infrastructure improvements for the project and source of revenue for any such improvements contemplated;

6.

Any federal, state, or local funds committed to the project;

7.

An estimate of the tax revenue from nonfreeport eligible inventory of businesses which contemplate relocation into the enterprise zone, if created;

8.

Commitment of these businesses to hire low income residents to fill job vacancies or new jobs created;

9.

Commitment of these businesses to create new jobs within a short time (one year after opening of the business in the enterprise zone;

10.

A plan of action by the city to train low skilled workers specifically to fill new vacancies or jobs created;

11.

Price of land acquisition and sources of funds;

12.

Sales price of the land or any portion of the land to be sold after the enterprise zone designation; and

13.

Any other extenuating circumstances to be considered by the board of commissioners prior to the decision about enterprise zone designation.

(b)

In addition to all the above in subsection (a) of this section, prior to the December 15 of each year that an enterprise zone is in existence, an employment report of all businesses already located within enterprise zones, including which enterprise the business is located, jobs created since moving to the enterprise zone, and number of low income residents of Fulton County occupying the total number of jobs.

(Res. of 8-3-88)