The Cobb School Board has mounted a legal challenge against the Development Authority of Cobb County, which is attempting to take out bonds to underwrite a property tax break for a $103 million project.
Cobb Superior Court Judge Michael Stoddard postponed hearing arguments from the two parties Friday. The school board and Development Authority request the continuance to give them time to work out an agreement outside of court.
The next hearing is scheduled for 10:30 a.m. Thursday in Courtroom 2000 of Cobb Superior Court.
Backed by mega-developer John Williams, the Riverwalk project has been approved for the Cumberland area and will include 250 apartment units and a 10-story office tower.
The school board is unhappy with the tax break because it says it will take away needed cash from Cobb’s schools, which are already facing an $80 million deficit.
The Development Authority is moving along with the tax break though the project didn’t meet the county’s qualifications for incentives, which includes creating 25 jobs and contributing $500,000 to the tax digest.