A RESOLUTION BY COUNCILMEMBER KEISHA LANCE BOTTOMS REQUESTING THE DEPARTMENT OF FINANCE AND THE DEPARTMENT OF PLANNING AND COMMUNITY DEVELOPMENT TO CONDUCT A FEASIBILITY STUDY OF THE ESTABLISHMENT OF TRUST FUND TO DEPOSIT THE PROCEEDS IN THE AMOUNT OF TBD% FROM THE SALE OF ANY PROPERTY IN THE CITY OF ATLANTA OVER $1 MILLION DOLLARS; AND FOR OTHER PURPOSES.

(Held 3/28/17 by the Committee for additional information and further review.)

WHEREAS, Green-space or open space reserve is an area of grass, trees, or other vegetation set apart for recreational or aesthetic purposes in an otherwise urban environment; and

WHEREAS, an open space fund program imposes an annual levy for amount or a rate deem appropriate or sell of property for any of the following purposes such as acquisition of lands for recreation and conservation purposes, development of lands acquired for recreation and conservation purposes, maintenance of land acquired, and historic preservation of historic properties, structures, facilities, sites, areas, or objects; and

WHEREAS, establishing a green space or open trust fund generating the funds by the sale of real estate property could positively impact the City of Atlanta in the preservation of historic preservation of historic properties, trees, grass, and other vegetation.

NOW, THEREFORE, BE IT RESOLVED BYTHE COUNCIL OF THE CITYOF ATLANTA, GEORGIA,  the Atlanta City Council hereby requests the Department of Community and Planning Development and the Department of Finance to conduct a feasibility study on the establishment of a trust fund to deposit TBD% from the sale of any property over one million ($1,000,000) dollars.

BE IT FURTHER RESOLVED, that the feasibility study shall include the following:

·              How many properties were sold for over one million dollars ($1,000,000) in the last two (2) years

·              What other municipalities in Georgia and/or across the country that instituted this policy

·              What is the estimated fiscal impact

BE IT FURTHER RESOLVED, that the Department of Finance and Department of Planning and Community Development may seek consultation from other City departments and agencies to complete this study.

BE IT RESOLVED,  The  Department of Finance and the Department of Planning and Community Development hereby have a deadline of ninety (90) days to provide Atlanta City Council with this feasibility study.

BE IT FINALLY RESOLVED that all resolutions or parts of resolutions in conflict herewith are hereby waived to the extent of the conflict.