MARIETTA — This November will mark 10 years since 54% of voters approved a $68 million bond, most of it for the city to redevelop the Franklin Gateway corridor.
Back in 2013, Mayor Steve “Thunder” Tumlin claimed two victories — winning a second term in office, and getting residents’ approval for a tax increase to tackle the redevelopment project.
Now in his fourth term, Tumlin calls the project a success, even if it remains incomplete.
“I think it did a world of good,” he said in an interview.
But, the mayor added, “I won’t consider it completely successful until everybody that bought property builds.”
Crunching the numbers
The redevelopment is perhaps the signature project of Marietta’s longest serving mayor.
The bond authorized the city to raise taxes by up to 2 mills for up to 20 years. Initially, the full tax increase was levied. In recent years, the mayor and council have lowered the redevelopment bond millage — it now stands at 1.375 mills.
City Manager Bill Bruton said the city owes $45.8 million on the bond. It is expected to be paid off by the start of 2034.
Money generated by the tax increase was used to purchase properties up and down Franklin Road (later renamed as Franklin Gateway). The city then demolished aging, blighted properties and sold the empty lots at artificially low prices to attract new development.
City leaders initiated the project in response to what they saw as a glut of dilapidated apartment complexes and shopping centers in the area. The corridor was suffering from high commercial and residential vacancy rates and crime.
Marietta school board members also campaigned for the bond, saying at the time that the apartments included a high number of transient students, which had negative effects on school performance and graduation rates.
In arguing its success, Tumlin and the city cite a series of…
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