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Georgia Department of Community Affairs CDBG Economic Development - PowerPoint PPT Presentation

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Georgia Department of Community Affairs CDBG Economic Development . A session devoted to the topic of Redevelopment Opportunities. GENERAL OVERVIEW. Joanie Perry Director, Office of Economic Development Georgia Department of Community Affairs. Overview.

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Georgia Department of Community Affairs CDBG Economic Development

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Georgia Department of Community AffairsCDBG Economic Development

A session devoted to the topic of Redevelopment Opportunities


Joanie Perry

Director, Office of Economic Development

Georgia Department of Community Affairs


  • Redevelopment in general is a very relevant topic given today’s economic conditions.

  • DCA is very actively promoting redevelopment through a variety of programs and a new initiative that is focusing attention on the 100 Main Street and Better Hometown cities.

Local governments can implement a broad range of redevelopment activities

DCA’s interest and focus:

  • Opportunity Zones is one of 3 strategic goals for the department; goal is to have Opportunity Zones in 50 communities by 6-30-11. To date, there are 46 Zones in 37 communities.

  • CDFD has placed major emphasis on redevelopment with the Opportunity Zone Program, Revitalization Area Strategy (RAS) and the Redevelopment Fund (RDF) set-aside.

  • Commissioner Beatty creates the BoomTown Initiative to celebrate 30 years of Main Street with a strategic focus on redevelopment incentives the department can offer.

Burke Walker

Northeast Georgia

Regional Commission

Source and Use – Elberton W.O. Jones Building

Elberton Community Timeline

  • 1990 Elberton Mainstreet established

  • 1998 Elberton DDA established

  • 2001 Elberton W.O. Jones storefront purchased

  • 2003 Elberton W.O. Jones building available for purchase

  • 2004 HSR / Conditions Assessment completed

  • 2005 RDF Application / City Resolution

Elberton W.O. Jones Building

Elberton W.O. Jones Building Before

Elberton W.O. Jones Building After – Success!

John Kingery

Credit Manager

Georgia Department of Community Affairs

The Art & Science of Credit Analysis

  • Science - Ratio Calculations and Number Crunching

  • Art - Interpretation and Decision Making

The State takes “informed risk”

Public financing for economic development is most typically “gap financing.”

State economic development programs take risks many private lenders will not take, or will not take alone.

However, as stewards of taxpayer resources, the State must invest the limited funds available for economic development in VIABLE projects that will actually create jobs and generate private investment.


Funding In the Grey Area: Look for Positive Attributes

 Strong Management

 Marketplace Opportunities

 Access to Capital

 Cash Flow

 Strong Commitment by Local Leadership

“Making it work”

Underwriting public financing requires:


Keeping an eye open for potential

Remembering the public purpose

Looking at the “whole” project

Not a rigorous quantitative scoring method!

Credit Indicators:

Sales Trends



Cash Flow Trends

Working Capital Adequacy


Industry Conditions

Years in Business

Business Plan

D&B Rating

Equity Injection into project

Bank Participation in project

Cash reserves/lines of credit

Personal credit of principals

Things to


Things to Remember

  • Describe your project and jobs created/retained

  • Document need, costs and support of banks & businesses

  • Debt – credit underwriting and terms

Program Contacts:

Joanie Perry – Director of Economic Development

(404) 679-3173

Nyanza Duplessis – EIP Loan and RDF Program

(404) 679-0668

John Kingery – Credit Manager

(404) 679-1586

Brock Smith – Employment Incentive Program

(404) 679-1589

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