08 LC 28
4192
House
Resolution 1695
By:
Representative Holmes of the
61st
A
RESOLUTION
Urging
the board of commissioners of Fulton County to take certain action with respect
to the Fulton Bag and Cotton Mill Urban Enterprise Zone; and for other
purposes.
WHEREAS,
the Urban Enterprise Zone designation is intended to encourage private investors
to develop housing units in areas of the City of Atlanta which otherwise might
not attract such investment; and
WHEREAS,
the Department of Planning and Community Development within the City of Atlanta
Bureau of Planning has developed guidelines for the request and approval of
applications for Urban Enterprise Zone projects; and
WHEREAS,
in conformance with state statute, the City of Atlanta´s guidelines for
Urban Enterprise Zones outline specific requirements to be met before the
economic incentive of a tax abatement can be triggered; and
WHEREAS,
it was resolved July 19, 1995, by the Fulton County Board of Commissioners that
the boundaries of the Fulton Bag and Cotton Mill Urban Enterprise Zone and the
period for which the designation shall be effective would be the same as those
adopted by the council of the City of Atlanta on May 15, 1995; and
WHEREAS,
by Act No. 924 of the General Assembly of Georgia in the year 1998, the tax
abatement schedule for the Fulton Bag and Cotton Mill Urban Enterprise Zone was
effectively changed, providing that, upon fulfillment of required criteria by
the developer of property within the Fulton Bag and Cotton Mill Urban Enterprise
Zone, the property tax abatement incentive became effective January 1, 2001;
and
WHEREAS,
the final tax abatement schedule for the Fulton Bag and Cotton Mill became
effective January 1, 2001, and extended through 2011, allowing for property tax
abatement percentages to be assigned accordingly: 2001–100 percent,
2002–100 percent, 2003–100 percent, 2004–100 percent,
2005–100 percent, 2006–80 percent, 2007–80 percent,
2008–60 percent, 2009–40 percent, and 2010–20 percent;
and
WHEREAS,
Fulton County´s participation in the tax abatement schedule for the Fulton
Bag and Cotton Mill Urban Enterprise Zone was unmonitored and failed to comply
with the Urban Enterprise Zone Act; and
WHEREAS,
the Fulton County tax assessor erroneously assigned highly inaccurate property
tax rates on all parcels within the Fulton Bag and Cotton Mill Urban Enterprise
Zone in July of 2007; and
WHEREAS,
property owners in the Fulton Bag and Cotton Mill Urban Enterprise Zone suffered
large and unexpected increases in monthly mortgage payments due to escrow
account adjustments brought on by the erroneous tax adjustment; and
WHEREAS,
the Fulton County tax assessor then issued miscalculated and inaccurate refunds
to said property owners in November, 2007; and
WHEREAS,
these unexpected disruptions to the personal finances of property owners in the
Fulton Bag and Cotton Mill Urban Enterprise Zone, coupled with current market
turmoil, have put many at risk of mortgage default; and
WHEREAS,
it is not in the best interest of the State of Georgia, Fulton County, or the
City of Atlanta to have homeowners put at risk of foreclosure or bankruptcy as a
result of erroneous rates of taxation at the state, county, or city level;
and
WHEREAS,
the remainder of the tax abatement schedule of the Fulton Bag and Cotton Mill
Urban Enterprise Zone is 2008–60 percent, 2009–40 percent, and
2010–20 percent, of which the county will receive a larger tax increase on
the improved property compared to the un-redeveloped property tax base of
1995.
NOW,
THEREFORE, BE IT RESOLVED BY THE GENERAL ASSEMBLY OF GEORGIA that the board of
commissioners of Fulton County is urged to comply with the remainder of the
Fulton Bag and Cotton Mill Urban Enterprise Zone tax abatement schedule; adhere
to a transparent monitoring program for all Urban Enterprise Zone program
projects in which it elects to participate; and act swiftly to provide
appropriate relief to the residents and property owners of the Fulton Bag and
Cotton Mill Urban Enterprise Zone.
BE IT FURTHER RESOLVED that the Secretary of the Senate is authorized and directed to transmit an appropriate copy of this resolution to each member of the board of commissioners of Fulton County, the tax commissioner of Fulton County, the tax assessor of Fulton County, and the mayor and each councilmember of the City of Atlanta.
BE IT FURTHER RESOLVED that the Secretary of the Senate is authorized and directed to transmit an appropriate copy of this resolution to each member of the board of commissioners of Fulton County, the tax commissioner of Fulton County, the tax assessor of Fulton County, and the mayor and each councilmember of the City of Atlanta.