The mystery of Project Scarlett has been revealed. By the time you read this, Invest Atlanta will have voted to approve a tax abatement package for Georgia-Pacific in an expansion that will involve hundreds of new jobs to the city and a refresh of its Downtown Atlanta tower.
Georgia-Pacific is seeking a $150M revenue bond that could ultimately help abate more than $7M in state and local taxes over 10 years to redo 23 floors of its HQ building at 133 Peachtree St. In turn, Georgia-Pacific plans to relocate some 600 jobs to the main campus and to lease some of the renovated space to outside companies. "Project improvements also include energy efficiency
upgrades and other improvements which will result in reduced costs for lighting, heating/air conditioning and water consumption. These investments will materially decrease the use of energy and water, improving the efficiency of the building by an amount to be determined," Invest Atlanta officials state in documents.
It's a boon for Downtown Atlanta, especially given that the 600 G-P employees would have an average salary of $100k/year, according to docs. We first reported here about the mystery Project Scarlett and Invest Atlanta's plan to incentivize the company, which was originally unnamed.
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