From The Atlanta Business Chronicle
Roberts Realty Investors Inc. has sold the 403-unit Addison Place apartment community in Johns Creek, Ga., for $60 million.
The buyer was not disclosed.
Addison Place was designed and built by Roberts Properties Inc., a non-owned affiliate of Atlanta-based Roberts Realty Investors (AMEX: RPI). The development has 118 townhouses and 285 apartments.
Roberts Realty Investors also said Tuesday it will give a dividend of 66 cents a share to shareholders and 66 cents per unit to unitholders. The distribution will be paid on Aug. 5 to shareholders and unitholders of record on July 10.
The company had planned on a distribution of $2.50 a share/unit, but given the weakness in the U.S. economy and continued stress in the banking system, the company said it believes the safest course of action is to distribute only 66 cents a share/unit.
"Despite the aggressive actions taken by the Federal Reserve during the past year, the economy continues to struggle and credit is still difficult to obtain," said Charles R. Elliott, Roberts Realty chief financial officer. "In this weak and uncertain economy with no improvement in sight, our priority is to prudently manage our balance sheet for maximum liquidity."
Thursday, June 26, 2008
Tuesday, June 24, 2008
Johns Creek Mayor Elected As GMA Chairman
Appen Newspapers
JOHNS CREEK - The Metro Atlanta Mayors Association elected Johns Creek Mayor Mike Bodker as its 2008-09 chairman during the Georgia Municipal Association's 75th Annual Conference June 23 in Savannah.
Bodker replaces Douglasville Mayor Mickey Thompson, who rotated off after serving a one-year term as chairman of the Association."Mike's enthusiasm and commitment to not only his citizens but also to the residents of the entire metro area make him the perfect choice as tnext MAMA chairman." Thompson said.MAMA, formed in 2003 to increase communications between cities in the metro Atlanta region, consists of mayors from the 66 cities in 10 counties in the metro area. The association supports policy decisions that are beneficial to local governments, organizes activities among the cities that are beneficial to the region and relates needs to federal, state and regional agencies and citizens.Bodker recently completed a term as the chairman of the newly formed North Fulton Municipal Association, which brings together the six cities of North Fulton County.
Additionally, he led both the North East Fulton Study Committee and the Committee for Johns Creek, which ultimately led to the creation of the City of Johns Creek."The first thing I'm planning on doing as chairman is to develop a plan to address the highest level items that we can truly affect change on within this year," Bodker said. "If we are to continue to enjoy success as a region, MAMA must continue to work cooperatively, communicate broadly and think creatively. I look forward to working with the other 65 member mayors, as well as our partner organizations, to address these common issues facing us."
JOHNS CREEK - The Metro Atlanta Mayors Association elected Johns Creek Mayor Mike Bodker as its 2008-09 chairman during the Georgia Municipal Association's 75th Annual Conference June 23 in Savannah.
Bodker replaces Douglasville Mayor Mickey Thompson, who rotated off after serving a one-year term as chairman of the Association."Mike's enthusiasm and commitment to not only his citizens but also to the residents of the entire metro area make him the perfect choice as tnext MAMA chairman." Thompson said.MAMA, formed in 2003 to increase communications between cities in the metro Atlanta region, consists of mayors from the 66 cities in 10 counties in the metro area. The association supports policy decisions that are beneficial to local governments, organizes activities among the cities that are beneficial to the region and relates needs to federal, state and regional agencies and citizens.Bodker recently completed a term as the chairman of the newly formed North Fulton Municipal Association, which brings together the six cities of North Fulton County.
Additionally, he led both the North East Fulton Study Committee and the Committee for Johns Creek, which ultimately led to the creation of the City of Johns Creek."The first thing I'm planning on doing as chairman is to develop a plan to address the highest level items that we can truly affect change on within this year," Bodker said. "If we are to continue to enjoy success as a region, MAMA must continue to work cooperatively, communicate broadly and think creatively. I look forward to working with the other 65 member mayors, as well as our partner organizations, to address these common issues facing us."
Monday, June 23, 2008
Many Johns Creek Businesses To Pay More In Taxes
By DOUG NURSE www.ajc.com
The Johns Creek City Council voted 5-0 Monday to keep the same property tax rate as last year, but many businesses are still going to pay more in taxes.
The council kept the millage at $4.614 per $1,000 in taxable property, which is the same rate residents paid to Fulton County before the community incorporated into a city Dec. 1.
For many, the city portion of the taxes will remain steady. But those who had their property reassessed by the county which will see their taxes change, mostly upward because property tends to be more valuable. Most of the land in Johns Creek re-assessed was commercial property. Only 14 percent of the residential property was reassessed countywide, according to the Tax Assessor's Office.
Major Thompson, a Johns Creek resident, asked the City Council to cap the tax increase at 3 percent for seniors and poor people.
The reassessments make up most of the city's $875,000 growth in the budget. About 49 percent of the increase in the tax digest – the log of total property values citywide – came from reassessments. The rest comes from new development since last year.
In 2007, the city collected $15.25 million in property taxes. The total budget is about $44 million for general government services.
The Johns Creek City Council voted 5-0 Monday to keep the same property tax rate as last year, but many businesses are still going to pay more in taxes.
The council kept the millage at $4.614 per $1,000 in taxable property, which is the same rate residents paid to Fulton County before the community incorporated into a city Dec. 1.
For many, the city portion of the taxes will remain steady. But those who had their property reassessed by the county which will see their taxes change, mostly upward because property tends to be more valuable. Most of the land in Johns Creek re-assessed was commercial property. Only 14 percent of the residential property was reassessed countywide, according to the Tax Assessor's Office.
Major Thompson, a Johns Creek resident, asked the City Council to cap the tax increase at 3 percent for seniors and poor people.
The reassessments make up most of the city's $875,000 growth in the budget. About 49 percent of the increase in the tax digest – the log of total property values citywide – came from reassessments. The rest comes from new development since last year.
In 2007, the city collected $15.25 million in property taxes. The total budget is about $44 million for general government services.
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