New terms for 'Gulch Project' revealed

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ATLANTA - Atlanta Mayor Keisha Lance Bottoms has released a new proposal for the multi-billion-dollar gulch redevelopment project.

The proposal has been redesigned several times after pushback from critics who complain the price tag is too high and public benefits too low.

Under the new arrangement, bond financing would drop by about $585 million.

And the developer, CIM Group, would face more financial responsibility for the project.

But critics who gathered outside City Hall Tuesday say the costs to tax-payers still far outweigh the benefits.

If the redevelopment deal does go through, CIM Group says it would transform the 40-acre gulch area into office, residential, and retail space.