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

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Sembler, which is developing the project just northof Buckhead, is hoping tax breaks help entice the retailers. Sembler is considering whether to seek tax abatementse from DeKalb County as an incentive for retailers to followw through on their lettersof intent. It has already announcecd Cobb Theater cinema and The other retailersx were included on a site plan providexd to AtlantaBusiness Chronicle. Town Brookhavenh also calls for 50 specialty shopx and24 restaurants. Sembler may ask The Developmentg Authority of DeKalb County to increase theoriginal 10-yeaer property tax abatement on Town Brookhaven to 20 years.
Semblert thinks the additionaltax breaks, valuedd at $51 million for are necessary in the tough retailp market in which consumers have cut The abatements will make it more economicap for Sembler to offer rent reductions and otherd concessions retail tenants are seeking. DeKalb could still receive $59 milliobn in taxes and other revenue generater byTown Brookhaven, a $400 million, 54-acre mixed-usee project on Peachtree Road near . Sembler, basex in St. Petersburg, but with an office in would ask for the abatement on the retaio portion of the project and one of the apartment thecompany says. That amounts to tax breaks on abouty halfthe project’s total acreage.
Representativee of , an accounting firm representing informally discussed the tax breaks April 14 with developmengauthority members. DeKalb County would stil l collectsales taxes, some property taxes and business licensee fees from the project. The abatement wouldn’t affec t school board tax revenue. The authoritt works with the , the and othert agencies to provide specialized financing methods usingy taxableand tax-exempt bonds. Tax abatements or exemptionsw eliminate tax increases or otherwisre reduce property taxes for specific propertieas for a designated period of time in order to stimulate a specifierdpublic benefit, according to the Cente r for Housing Policy in Washington, D.
C. Statew and local communities use them for a varietyhof reasons, including fostering redevelopment in enterprise zonez and job creation. The Clermont whose famous downstairs loungre is familiar to almost every Atlanta frat boysince 1965, is for sale. The owned by , is an Atlantw landmark on Ponce de Leon Avenuein Virginia-Highland. Inman Park Properties is asking $6.5 million for the hotel, said Gene whose firm, Gene Kansas is marketing the property, The Clermont Loungd is an iconic Atlanta strip club and dive bar housee in the basement ofthe hotel. It has made the “bes of” lists of several national men’s publications, including Maximj and Stuff magazines.
The Clermont has also inspireea documentary. “It’s not going anywhere,” Kansas “We hope it stays there forever.” But, the hotek could take on a completelhydifferent look, depending upon the buyer. One optiohn is an extended-stay hotel, Kansas Another possibility is a new boutique hote in the fashion of thenearby , a bed and breakfasr whose lounge is also locally famousz — for its drag