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F'ville to consider redevelopment planSun, 08/23/2009 - 10:52pm
By: Ben Nelms
It is a mechanism used in some Georgia localities to turn economically deficient areas into productive ones. The Fayetteville City Council will meet in called session Monday at 4 p.m. to consider the feasibility of initiating a Tax Allocation District (TAD) process in the city. Essentially a redevelopment tool, the process requires voter approval to form a redevelopment agency, followed by the city council’s identification of an area through a public hearing process, that would qualify as a TAD project. A qualifying area must be either blighted or distressed, deteriorating or one with inadequate infrastructure. Financing for TADs comes as the tax base for the project area is frozen to form a base valuation, with property taxes used to pay eligible redevelopment costs. Bonds may also be issued to help finance projects. Subsequent annual tax revenues in the project area are used for the redevelopment. Perhaps the best known example of a TAD is the Atlantic Station project near downtown Atlanta. login to post comments |