The Truth about TAD's (tax allocation districts)
Tax Allocation Districts (TADs) have been in the news for a number of weeks. We would like to discuss with our readers the economic development realities we face daily in our city and our continued commitment to the use of this effective tool.
TADs are used by cities and counties to attract new investment that will improve deteriorating, aging and underutilized areas. The financing mechanism implemented in TADs (tax increment financing) is a national best practice and a proven way to increase a community’s tax base.
Established in the early ‘80s by the Georgia Redevelopment Powers Law, TADs can be created by a city or county, and each taxing jurisdiction (generally a city, county and school district) can choose to participate or not. To date, TADs have been approved by at least 50 municipalities statewide, from Atlanta to Athens, Augusta to Albany. Georgia school districts have chosen to participate in most TADs, recognizing the positive impact that community redevelopment and revitalization can have on schools, students and their families.
TADs created by the City of Atlanta provide the most effective incentive in helping to redevelop economically depressed areas, fund new developments and improve public infrastructure. The Atlanta Board of Education and the Fulton County Board of Commissioners have acknowledged the effectiveness of this economic development tool by permitting the inclusion of their property tax increment in five of the ten TADs in the City. Our ongoing partnership with these jurisdictions makes our efforts to revitalize the City possible.
TAD projects are chosen carefully, on a case-by-case basis, so that there is a guaranteed return on the TAD investment. Below are few of the tangible benefits that have resulted from the use of TADs in the City of Atlanta:
· In downtown, for every $1 in TAD funding, private developers are investing $8.
· On the east side of Peachtree Street in downtown, more than 200 new residential units are dedicated for people who want to live close to work and who earn less than $56,950.
· TADs are funding housing rehabilitation programs for elderly homeowners in a neighborhood west of the Georgia World Congress Center.
· TADs can finance essential but costly public infrastructure projects that are vital in ensuring sustainable growth and attracting new development. Furthermore, TADs are an effective way to generate funding for public amenities such as new schools and fire stations. A portion of the construction costs of Centennial Place Elementary, a top performing elementary school in the Atlanta Public Schools system, was funded by a grant from the Westside TAD in downtown.
· The Atlantic Station TAD funded the redevelopment of a 138-acre brownfield site that has been transformed into a vibrant live, work, play community. Atlantic Station is now a national model for smart growth.
All the Best,
KimTullis...your real estate solution
404.564.9580
kimtullis@gmail.com
TADs are used by cities and counties to attract new investment that will improve deteriorating, aging and underutilized areas. The financing mechanism implemented in TADs (tax increment financing) is a national best practice and a proven way to increase a community’s tax base.
Established in the early ‘80s by the Georgia Redevelopment Powers Law, TADs can be created by a city or county, and each taxing jurisdiction (generally a city, county and school district) can choose to participate or not. To date, TADs have been approved by at least 50 municipalities statewide, from Atlanta to Athens, Augusta to Albany. Georgia school districts have chosen to participate in most TADs, recognizing the positive impact that community redevelopment and revitalization can have on schools, students and their families.
TADs created by the City of Atlanta provide the most effective incentive in helping to redevelop economically depressed areas, fund new developments and improve public infrastructure. The Atlanta Board of Education and the Fulton County Board of Commissioners have acknowledged the effectiveness of this economic development tool by permitting the inclusion of their property tax increment in five of the ten TADs in the City. Our ongoing partnership with these jurisdictions makes our efforts to revitalize the City possible.
TAD projects are chosen carefully, on a case-by-case basis, so that there is a guaranteed return on the TAD investment. Below are few of the tangible benefits that have resulted from the use of TADs in the City of Atlanta:
· In downtown, for every $1 in TAD funding, private developers are investing $8.
· On the east side of Peachtree Street in downtown, more than 200 new residential units are dedicated for people who want to live close to work and who earn less than $56,950.
· TADs are funding housing rehabilitation programs for elderly homeowners in a neighborhood west of the Georgia World Congress Center.
· TADs can finance essential but costly public infrastructure projects that are vital in ensuring sustainable growth and attracting new development. Furthermore, TADs are an effective way to generate funding for public amenities such as new schools and fire stations. A portion of the construction costs of Centennial Place Elementary, a top performing elementary school in the Atlanta Public Schools system, was funded by a grant from the Westside TAD in downtown.
· The Atlantic Station TAD funded the redevelopment of a 138-acre brownfield site that has been transformed into a vibrant live, work, play community. Atlantic Station is now a national model for smart growth.
All the Best,
KimTullis...your real estate solution
404.564.9580
kimtullis@gmail.com
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