Under the arrangement, property taxes would start at about half the usual rate in the first year, then increase by roughly 5% annually until reaching the full rate in the 11th year. Invest Atlanta leaders said the incentive would help finance investment in an established neighborhood. The bond amount is not the same as the estimated value of the tax savings: the agency put potential lost revenue at about $225 million.

The project, planned by Portman Holdings, includes 39 apartments designated as affordable to households earning up to 80% of Area Median Income. The developer has said the affordability commitment would last 99 years. Invest Atlanta estimates the redevelopment would create 275 permanent jobs, produce $34 million in positive economic impact and increase the site’s value.

The proposal has drawn opposition from residents who say the development is too dense, could worsen traffic and raises rezoning concerns. The Neighborhood Planning Unit F and the Morningside-Lenox Park Association have not endorsed it. Invest Atlanta board member Ken Zeff, vice chair of Atlanta Public Schools, opposed the tax break, saying he could not support forgoing school revenue in a cluster that is already crowded.

At the same October board meeting, Invest Atlanta President and CEO Eloisa Klementich outlined steps the agency is taking in response to a June audit by the city auditor’s office. The audit called for easier-to-access reporting, clearer links between individual projects and districtwide goals, and more measurable redevelopment outcomes.

The agency has gathered project records and statements for online publication and created an interactive map of approved Tax Allocation District projects. Klementich said the agency is also working to make goals more specific, such as setting targets for grocery stores or businesses rather than relying on broad aims like promoting economic growth.

Invest Atlanta expects to revise redevelopment plans for seven active Tax Allocation Districts, which use increases in property-tax revenue to fund improvements in designated areas. The agency has hired three advisory teams and the nonprofit Neighborhood Nexus to help develop performance measures. The plans will also inform discussions about possible extensions of the districts for Mayor Andre Dickens’ Neighborhood Reinvestment Initiative.

Klementich said the agency intends to meet with residents as the plans are developed, inviting input on local priorities. The Amsterdam Walk approval and the audit work both raise questions for Atlanta residents about how public incentives are weighed against community impacts—and how well public agencies measure the results.