The $68 million General Obligation Bond passed by Marietta residents will be used to fund projects in two main areas:
- $64 million will be designated to redevelop the Franklin Road corridor.
- $4 million will go towards the improvement and beautification of Whitlock Avenue.
The City will use the $64 million designated for the Franklin Road Corridor to buy up aging apartment complexes on Franklin Road, raze these properties, and then open the land up for new development by private investors, as well as for infrastructure improvements to the Franklin-Gateway Corridor.
This investment on Franklin Road is crucial to Marietta’s continued development. High concentration of crime on Franklin Road has driven employers and jobs out of Marietta, hindered the recruitment of new businesses, and threatens residents living along the corridor. The crime rate also poses a huge burden on Marietta City resources; currently, Franklin Road consumes more per capita of Marietta’s police, fire, school and hospital funds than any other place in the city.
Located between two exits on I-75, in close proximity to I-285, and nearly adjacent to two institutions of higher learning, the Franklin Road Corridor provides a prime opportunity for attracting new industry and jobs. Furthermore, decreased crime will benefit schools and increase Marietta property values.
The City currently has out a Request for Quotation (RFQ) for a private sector “Master Developer”, who will be responsible for administering the bond funds.