u/NPU-F

A report last week by Atlanta News First unveiled an early-stage proposal for Atlanta and Fulton County to become financially invested in the property, describing it as a potential acquisition.

The plan centers on the Atlanta Fulton County Recreation Authority, which owns State Farm Arena and Zoo Atlanta, issuing $200 million in bonds tied to the former CNN Center. The broad strokes of the plan were unveiled in a memo obtained by Atlanta News First, which says CP Group would invest $200 million to $300 million of its own capital.

The two individuals with knowledge said it is a sale-leaseback agreement in which the authority would acquire The Center property while immediately leasing it back to CP Group. The ownership structure would then allow the authority to issue $200 million in nonrecourse bonds to raise capital for the conversion effort.

The memo obtained by Atlanta News First said the agreement could involve the Westside Tax Allocation District pledging 100% of the project's tax increment to debt service on the bonds. A TAD is an area where property tax revenue growth is allocated to pay for infrastructure within its boundaries.

Atlanta Mayor Andre Dickens is currently advocating for extending all of the city's TADs, a potentially $5 billion effort.

Invest Atlanta declined to comment, and Atlanta Housing did not respond to a request for comment. Kwanza Hall, the chairman of DAFC, also known as Develop Fulton, said the former CNN Center is "one of the most compelling economic development opportunities of this decade."

City Council President Marci Collier Overstreet has formally withdrawn her request for a car and driver amid scrutiny over whether it is the best use of taxpayer dollars.

Overstreet took several minutes to address her constituents at Monday's City Council meeting, telling the audience she would not be pursuing a "chauffeur."

"Just first of all want Atlanta to know that I did hear you," Overstreet said from the dais. "I heard you, I heard the internet crashing."

The council president said last week she would prefer to be driven to and from meetings and other events in which she represents the city in her official capacity.

She never felt the need for a car and driver during her eight years representing southwest Atlanta's District 11, Overstreet told The Atlanta Journal-Constitution. But since becoming Council President this year, she said she has a much busier schedule and is expected to attend an increasing number of back-to-back events.

Having a car and driver would help ensure she gets from one place to the next smoothly without having to worry about Atlanta parking or potential safety concerns, she said.

At Monday's council meeting, one woman speaking during public comment told Overstreet that tax money could be put to better use. If the council president gets a car and driver, what's to keep other elected officials from wanting one too, Marjorie McCloud asked.

"Take MARTA and do Uber," she said. "Save the tax dollars, unless it's going to come out of your pay."

In her remarks, Overstreet vowed to "lead with transparency" and said she's always open to having discussions.

After two years of delays, Atlanta leaders say the city is finally on track to roll out a long-promised blight tax aimed at forcing neglected properties back into productive use.

On Tuesday, the city's Community Development and Human Services committee advanced legislation to fill key gaps that have prevented enforcement of the program. The move comes after an audit revealed the tax, approved in 2024, had yet to be applied to a single property.

Even with Atlanta's history of corruption scandals, former Atlanta City Council leader Jennifer Ide, who served as the head of a city council ethics committee while Bottoms was mayor, said the Democratic gubernatorial hopeful's past scandals, in particular her alleged pay-to-play scheme with a contractor, should be "concerning" for voters.