EDENSSAVANT September 16, 2008 The Honorable Felicia Moore Atlanta City Council 55 Trinity Avenue, SW Suite 2900 Ailanta, GA 30303 RE: Moores Mill Shopping Center Redevelopment Dear Councilwoman Moore: | am writing to update you on our redevelopment of the Moores Mill Shopping Center, the recent activity at the site and the project as it stands today. Inthe last few months, we removed the building at the comer of Bolton Rd. and Coronet Way as part Of required environmental remediation at the site. Additionally, we have taken down the former Value Village thrift store to make way for the freestanding CVS that is currently under construction. This, move was necessary based on lease obligations with CVS. CVS will open in their new location early next year. Unfortunately, the larger redevelopment project, which includes a new Publix, is not part of the recent activity. As we have discussed and as a result of the Georgia Supreme Court's decision in February, the public bond funds that were available to make the larger projact a realty were signficanlly reduced (approximately 60%). These bond funds (supported by the increase in real estate taxes as a result of the redevelopment) are crucial to the viability of this project. As you know, without the full funding, we will be unable to proceed with the rest of the redevelopment. ‘This ruling is extremely unfortunate. The proposed center has great potential to truly transform this area, and the progress thus far on the project is a testament to the hard work and cooperation by many different parties with a vested interest in its success. A number of factors had led us to believe we had the ingredients to see the redevelopment through ~ your steadfast encouragement, cooperation by the City and ADA, full neighborhood support, and a signed lease with Publix. However, the ruling quickly changed the landscape for this project as well as many others in the Atlanta area. Obviously, this can all change again with a favorable vote on the 2nd Constitutional Amendment at the November 4 election. Therefore, we will be working diligently to get the word out until then. We have truly enjoyed working with you, the City of Atlanta and the ADA and appreciate your continued support of the redevelopment of Moores Mill Shopping Center. Please feel free to contact ‘me with any questions or concems. Hopefully we will have a cause for celebration on November 4! Sincerely, 77 Lf Carat VP ~ Development CC: Cheryl Strickland, Atlanta Development Authority ‘Amanda Rhein, Atlanta Development Authority ‘Sharon Gay, McKenna Long & Aldridge Herbert Ames, Edens & Avant | 900 Bank of America Plaza! 1901 Main Steet | Columbia, sc 29201 | 4.4963 | wwwedensardavantcor