Marietta Fund for Neighborhood and Community Revitalization
The Marietta fund for neighborhood and community revitalization was created in 2006 by the city of Marietta and the MRC to acquire real property. The fund enables the MRC to act on the city’s behalf to strategically target, assemble and hold, master plan and dispose of key redevelopment sites in targeted neighborhoods and commercial areas. The intent of the fund is to create future catalyst projects in areas that need revitalization.
The Marietta City Council initially capitalized the fund with a $2.1 million equity contribution, and the MRC obtained a $6 million interest-only line of credit from the Bank of North Georgia. Allowable expenditures from the Fund include: (a) initial equity down payments and monthly financing costs, payment of legal fees, property appraisals and other related due diligence or transaction costs associated with real estate purchases or sales. The Fund is also used to pay direct or indirect costs for property stabilization, demolition, maintenance and management, operational expenses and professional services.
Goals, objectives and progress
The MRC seeks to utilize the Fund to influence neighborhood stabilization and redevelopment activities that improve the quality of life for Marietta citizens by enhancing the city’s influence on density and physical characteristics of future redevelopment projects. The objective of the Fund is to allocate resources in areas to reduce the number of nonproductive properties to produce an immediate positive impact on neighborhoods. The MRC will pursue the following more specific objectives for investing and managing the Fund’s resources.
Leverage private resources for investment
Conduct property acquisition for reconfiguration or redevelopment
Purchase of external professional and technical services
Property management activities for MRC properties awaiting disposition
The MRC‘s goals are based on access to capital and public funding, market conditions and the needs of the community and our outlined the fund work program and are discussed in detail in the annual work program. Progress and achievements of the MRC made possible through the Fund are reported annually to the Marietta City Council and the community in the Fund fiscal year annual report.
Role of the MRC
The MRC's mission is to provide the technical and managerial tools to redevelop neighborhoods and create opportunities for economic and community development enhancements and is responsible for the management and implementation of the Fund. The MRC's non-profit business capacity provides the ability for it to use its flexibility and discretion in pursuing redevelopment opportunities. The MRC board of directors makes decisions on purchases by a majority vote and utilizes interest and investment earnings to fund property stabilization, management and carrying cost, due diligence, additional equity reserve and administrative expenses.