Under state pressure to reach a unanimous agreement, Fulton County and its 14 cities finalized a plan Thursday to share an estimated $240 million in annual sales tax revenue.
State officials had said the county could lose the tax revenue altogether if every jurisdiction didn’t sign on.
Atlanta, still upset over the terms, held out until the last minute of Thursday's 4:30 p.m. deadline. The agreement will cost Atlanta an estimated $50 million over 10 years, according to figures from Mayor Kasim Reed's office.
In a written statement, a Reed spokeswoman said “the mayor is confident that Atlanta’s growing economy will mitigate any reduction in Atlanta’s share” of the tax funds.
Others like Councilman Michael Julian Bond said Atlanta had to do what was best for the county.
“The city of Atlanta has always taken the right position that it not only has to do the right thing for itself but the right thing for the region,” said Bond.
A new agreement was necessary due to a recent court ruling that wiped out the established appeals process for divvying up the funds.