North Point Wins Fulton Funding, but an NHL Team Must Follow

Fulton County has approved a commitment of up to $192.4 million in future property-tax revenue for North Point Mall’s redevelopment in Alpharetta, with county participation contingent on securing an NHL franchise.

Commissioners approved the measure Oct. 21 with amendments. Alpharetta’s counsel agreed to remove property acquisition from the redevelopment-cost provision, while city and county attorneys agreed to resolve outstanding agreement language, according to the county’s official voting record. Commissioners Bob Ellis and Bridget Thorne sponsored the resolution.

The county’s financial commitment adds a new step beyond Alpharetta’s August zoning approval. It does not mean the NHL has awarded a team to North Point or that construction is beginning.

How the county funding would work

The money would flow through Alpharetta’s North Point tax allocation district, which has a maximum term of 30 years. The county’s contribution would come from future property-tax revenue, SaportaReport reported.

A tax allocation district directs designated growth in property-tax revenue toward redevelopment costs. The $192.4 million figure is a ceiling on the county’s participation over time, rather than a payment of that amount today.

The district extends beyond the mall itself. Jamestown’s original redevelopment announcement identified a 646-acre tax district encompassing the mall and surrounding commercial properties. The mall redevelopment would occupy roughly 100 acres.

What happens if the project stalls?

The agreement sets a Dec. 31, 2030, deadline for construction to begin, unless Fulton approves an extension or waiver. If that condition is not met, county participation would end. Alpharetta would have to return remaining county tax increments after accounting for money already committed to eligible costs, pledged to bonds or reserved for specified obligations, SaportaReport reported.

That limits the refund protection: it does not promise that every county dollar would be returned.

Alpharetta City Administrator Chris Lagerbloom also said a future franchise agreement would seek to keep the team in the arena for at least the longest bond repayment period, with financial penalties intended to cover outstanding bonds if it leaves early, according to SaportaReport.

Jamestown has already made hockey a condition

In written responses to North Atlanta Star in September, Jamestown development and construction director Frances Bohn said: “The approved proposal will not move forward without an NHL team.”

If the league does not select North Point, Bohn said Jamestown would need to revise the concept and return to Alpharetta for approval. She also said no construction start date had been established and that major redevelopment activity was at least a year away at that time.

The plan approved by Alpharetta in August envisioned an approximately 20,000-seat arena alongside housing, shops, restaurants, offices, hotels and public spaces. The new county commitment advances the financing effort; the development Jamestown described still depends on a team.