Easements Atlanta Inc

“Easements Atlanta, Inc.("Easements Atlanta or EA")is the holder of a perpetual preservation easement interest in that certain property located at 63-67-69 Mangum Street NW, Atlanta, Georgia 30324, which is subject to that certain Perpetual Deed Facade and Preservation Easement (the "Easement Deed Agreement"), dated as of December 29, 1995, and recorded in Deed Book 20479, Pages 190-209, Fulton County Clerk of Superior Court records, by and between EA and the Bottle Works, Inc., a Georgia corporation (the Easement Grantor and together with EA, the "Parties").The Easement Deed Agreement burdened two separate tracts or parcels of land known as 63-69 Mangum Street Southwest (the "Mangum Property"), which contains a historic building and other improvements, and an empty lot known as 398-400 Markham Street, the latter without any historic improvements(the "Markham Property and together with the Mangum Property, the "Properties"). Pursuant to EA's documentation regarding the donation of the Properties, the Parties' intent was to preserve the Mangum property, and the Parties did not intend for the Markham Property to be burdened by the Easement Deed Agreement. Consequently, the Easement Grantor did not take a federal income tax deduction for the Markham Property and only took a deduction for the Mangum Property. Notwithstanding the intent of the Parties, the Markham Property was inadvertently included in the Easement Deed Agreement.Pursuant to Paragraph VI of the Easement Deed Agreement and in accordance with O.C.G.A.section 44-10-4(c), EA and the current owner of the Markham Property (the "Markham Owner") filed a joint petition (the "Petition") in the Superior Court of Fulton County, Georgia seeking to release the Markham Property from the terms and conditions f the Easement Deed Agreement. by final order dated Septemeber 16, 2024, the Superior Court of Fulton County, Georgia granted the Petition and authorized EA and the Markham Owner to release the Markham Property from the terms of the Easement Deed Agreement. On October 21, 2024, the Board of Directors of Easements Atlanta duly adopted a resolution approving the Petition, the release of the Markham Property, and the execution of an amendment to the Easement Deed Agreement to effectuate such release. As of the date of the Form 990 submission, the Easement Deed Agreement remains in full force and effect with respect to the Mangum Property and has not been subject to any other amendments or modifications.”

“The market value of perservation easements is not added to the income statement nor is it added to the balance sheet. The presumed market or monetary value of the easement is offset by the liability created by the ongoing obligations to monitor and enforce these easements.”