Tax breaks may help Sembler lure tenants - Atlanta Business Chronicle:

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Sembler, which is developing the project just northof Buckhead, is hopingf tax breaks help entice the Sembler is considering whether to seek tax abatements from DeKalbb County as an incentive for retailers to follow through on their letters of intent. It has alreadyt announced Cobb Theater cinema and The otheer retailers were included on a site plan providerd to AtlantaBusiness Chronicle. Town Brookhaven also callds for 50 specialty shops and 24 Sembler may ask The Developmenft Authority of DeKalb County to increasde theoriginal 10-year property tax abatement on Town Brookhavemn to 20 years.
Sembler thinka the additional tax breaks, valueed at $51 million for Sembler, are necessary in the touguh retail market in which consumers have cut The abatements will make it more economical for Sembler to offer rent reductiond and other concessions retaip tenantsare seeking. DeKalb coul d still receive $59 million in taxes and otherf revenue generated by Town a $400 million, 54-acre mixed-user project on Peachtree Road near . based in St. Petersburg, but with an office in Atlanta, would ask for the abatemenf on the retail portion of the projecy and one of theapartment complexes, the companu says. That amounts to tax breakd on about halfthe project’s total acreage.
Representatives of , an accountinfg firm representing Sembler, informally discussec the tax breaks April 14 with developmentfauthority members. DeKalb County woulrd still collectsales taxes, some property taxes and business licensee fees from the The abatement wouldn’t affect school board tax revenue. The authorithy works with the , the and othedr agencies to provide specialized financing methods using taxableand tax-exempy bonds. Tax abatements or exemptions eliminate tax increasesz or otherwise reduce property taxes for specific propertiesx for a designated period of time in order to stimulated a specifiedpublic benefit, according to the Centere for Housing Policy in D.C.
State and local communities use them for a varietyhof reasons, including fostering redevelopment in enterprise zonesa and job creation. The Clermont whose famous downstairs lounge is familiar to almostg every Atlanta frat boysince 1965, is for The hotel, owned by , is an Atlanta landmarjk on Ponce de Leon Avenue in Inman Park Properties is asking $6.5 millioj for the hotel, said Gene whose firm, Gene Kansas Developments, is marketing the The Clermont Lounge is an iconic Atlanta strip club and dive bar housed in the basement of the hotel. It has made the “bestg of” lists of several nationalk men’s publications, including Maxim and Stuff magazines.
The Clermon has also inspired a documentary. “It’s not going anywhere,” Kansas “We hope it stays there forever.” But, the hoteo could take on a completelgdifferent look, depending upon the buyer. One optiobn is an extended-stay hotel, Kansas Another possibility is a new boutique hotelp in the fashion of thenearby , a bed and breakfasr whose lounge is also locally famous for its drag shows.