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Old 06-07-2016, 08:39 PM
 
28,312 posts, read 24,952,760 times
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Bobby Jones Golf course is a profit generator for the city. Not a "tax sink."

Quote:
Originally Posted by fourthwarden View Post
Arjay, what are you even on about?


Here's how this works: The developer wants the downtown deck. The city wants to offload a few tax sinks, one of which is UA, the other is the Golf Course. The state wants a practice course for their colleges.


The city and the state exchange the properties, with the developer paying the difference in value to the city. The city now doesn't have to pay to maintain the course. The state is going to invest a few million into updating and expanding the facilities on the course so that it can be used for the state's schools' athletic programs.


The city includes the parking deck in the sale to the developer since the city still wants to off load the tax-sinking Underground Atlanta properties, and doesn't care about owning the deck. The developer pays for the properties.


The city now is much lighter in its tax sinks, the golf course gets investments, and previously public costly properties are redeveloped into a vibrant tax, resident, and business generating area of the city.


Everyone wins, everyone gets what they want. The only people who maybe loose are those who liked the 18 holes of the course, and don't care about a driving range.
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Old 06-08-2016, 08:20 AM
 
10,015 posts, read 7,013,227 times
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Quote:
Originally Posted by arjay57 View Post
Bobby Jones Golf course is a profit generator for the city. Not a "tax sink."
Any details to support that?
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Old 06-08-2016, 10:18 AM
 
Location: Atlanta
14 posts, read 10,175 times
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Quote:
Originally Posted by jsvh View Post
Any details to support that?
Even the Mayor conceded that the city does not have the resources to bring the course to its' full potential.
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Old 06-08-2016, 10:33 AM
 
28,312 posts, read 24,952,760 times
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Quote:
Originally Posted by jsvh View Post
Any details to support that?
See http://candlerpark.org/files/GolfCon...ort[1].pdf

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Old 06-08-2016, 10:39 AM
 
Location: atlanta
4,024 posts, read 4,618,514 times
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The trade off of the Bobby Jones golf course to the state is a different issue than maintaining the integrity and history of the course as it was built. I generally think the trade off was a good deal for everyone involved, but now that the trade is a done deal, if you're opposed to the re-development proposal by the state, that should be discussed as an issue in and of itself.
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Old 06-08-2016, 11:12 AM
 
28,312 posts, read 24,952,760 times
Reputation: 9694
Quote:
Originally Posted by bryantm3 View Post
The trade off of the Bobby Jones golf course to the state is a different issue than maintaining the integrity and history of the course as it was built. I generally think the trade off was a good deal for everyone involved, but now that the trade is a done deal, if you're opposed to the re-development proposal by the state, that should be discussed as an issue in and of itself.
I agree that they are not exactly the same issue.

However, the historic nature and location of the land does have a bearing on its value.

Personally I think the golf course could stand some updating.
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Old 06-08-2016, 12:54 PM
 
10,015 posts, read 7,013,227 times
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Quote:
Originally Posted by arjay57 View Post
Good info.

I think it is still a smart exchange, getting Underground Atlanta redeveloped and back on the tax rolls will have more net benefit to the CoA. And I am sure the state will still be good stewards of the course.
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Old 06-08-2016, 01:30 PM
 
28,312 posts, read 24,952,760 times
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Quote:
Originally Posted by jsvh View Post
Good info.

I think it is still a smart exchange, getting Underground Atlanta redeveloped and back on the tax rolls will have more net benefit to the CoA. And I am sure the state will still be good stewards of the course.
I just don't understand the exchange.

The city isn't getting much bang for its buck, however the state may be a better steward of the land anyway.
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Old 06-08-2016, 01:44 PM
 
Location: NW Atlanta
5,028 posts, read 3,533,268 times
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Quote:
Originally Posted by arjay57 View Post
I just don't understand the exchange.

The city isn't getting much bang for its buck, however the state may be a better steward of the land anyway.
What should the city have done? Put the course on the open market and have a developer tear it up?
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Old 06-08-2016, 01:59 PM
 
10,015 posts, read 7,013,227 times
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Quote:
Originally Posted by arjay57 View Post
I just don't understand the exchange.

The city isn't getting much bang for its buck, however the state may be a better steward of the land anyway.
Well, if you try to value it based off that $235,833 annual cash flow shown and assume a 10% capitalization rate, that gets you $2.35M value for the property. But for the purposes of this trade it is getting valued at $12.7M. I'd say that is more than fair to the city. The parking garage downtown is probably able to generate a lot more cash flow than that.
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