The Marietta Fund for Neighborhood and Community Revitalization

One of the roles of the MRC is to make strategic real estate investments in blighted areas, assemble properties for redevelopment where needed, and partner with the private sector to invest in the City of Marietta.

In 2006 the Marietta City Council empowered the MRC to fulfill this role by establishing the Marietta Fund for neighborhood and Community Revitalization “The Fund”. The MRC is responsible for managing and implementing the fund, which was created to provide the MRC with a ready source of investment capitol. The fund enables the MRC to act on the city’s behalf to strategically target, assemble, 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.

Following adoption of the first (fiscal year 2007) Work Program, which is approved by the Marietta City Council on an annual basis, the City Council allocated $2.1 million from general fund reserves to capitalize The Fund. The MRC has invested the equity portion of the fund and leveraged an additional $6.0 million to purchase property through the Bank of North Georgia.

In July 2007, following nine months of investigation and due diligence, the MRC began to purchase property in “Fund target areas” to assemble a site for future redevelopment. The MRC has established policy and procedures for fund investments, evaluated and ranked target areas and successfully solicited a real estate broker to assist with property assembly efforts.

The MRC has approved the second Work Program for the Fund based on this year’s progress and investigation. The MRC selected Tunnel, Spangler, Walsh and Associates (TSW) in June 2007 to create and economically test land use plans for a selected target area. Next steps for FY ‘08 include completion and adoption of the TSW land use plan, investigation of investment opportunities in areas adjacent to active redevelopment sites and continued property acquisition in target areas.

Fund Goals and Objectives

Assemble sites for redevelopment purposes in blighted neighborhoods and commercial corridors identified in the Fund Work Program.

Target the Fund first to neighborhoods and areas with the greatest need for revitalization.

Focus acquisition efforts primarily on properties which are not being actively pursued by the private sector or other public redevelopment agencies.

To the extent possible, use the Fund to assemble contiguous parcels or concentrations of parcels within a given area, on a large enough scale to create future “catalyst” revitalization projects.

Use the Fund where possible to acquire “problem properties” that are negatively impacting surrounding neighborhoods.

Download Fund Annual Work Programs (PDF)

Fiscal Year 2008 Work Program