News
CALLING ALL DEVELOPERS . . .
July 8, 2010
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| To the Southside! On June 30, the Atlanta Development Authority issued a call to developers for redevelopment proposals in four commercial tax allocation districts: Stadium Neighborhoods, Metropolitan Parkway, Campbellton Road and Donald Lee Hollowell Parkway/Martin Luther King Jr. Drive. We snapped this in Mechanicsville, part of the Stadium Neighborhoods TAD. These Southside TADs are some of the city? newest tax allocation districts—and will more than likely be the final ones. In the past, many of the TADs (such as Atlantic Station) have been north of 1-20. The goal is to use public funds to woo developers to blighted areas. The TADs offer significant grant dollars primarily focused on larger commercial, industrial, and mixed-use developments with total project sizes of $5M and greater. | |
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| Tax allocation districts are one of the City of Atlanta's most valuable economic development tools. Also known as tax increment financing (TIF), TADs are a way for governments to provide financial assistance to eligible public and private redevelopment efforts within an officially designated area or TAD. Increases in property tax revenues, generated primarily from new investment in the district, are allocated to pay infrastructure costs or certain private development costs within the TAD. ?In these tough economic times, it is even more relevant to examine public-private partnerships," Atlanta Development Authority's Jay Jameson tells us. "While the real estate development market is tough now, this is the time to identify projects that will be ready once the economy rebounds.? |
