We reported a few weeks ago the Greenstone Properties’ Riverwalk development would be receiving a substantial amount of tax incentives from reallocated Cobb County tax funds. As it was initially agreed upon, the project would be exempt from paying property taxes for the next two years but would then resume payments in the third year; these annual payments would continue to increase every year so that by year 10, the county would be receiving $756,000. Before the land was selected for this development, owners paid a little less than $46,000 a year in taxes.
Unfortunately for Greenstone, the Cobb County School System has taken issues with these tax breaks, as most of the reallocated funds are being drawn from the school system’s budget; Cobb County Schools are already over $80 million in debt. This opposition from the schools prompted Greenstone to withdraw their plans, but company sources say that Riverwalk “isn’t dead” – yet. The development firm hopes to find a new location for the project or perhaps even downsize the project in order to better appeal to those involved.Share