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Old 12-08-2015, 02:15 PM
 
6,221 posts, read 5,056,931 times
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Following a nearly three-hour, at times heated, discussion on the Liberty District, Uptown and City Village proposed TADs, council voted unanimously to delay a vote on those, which are contiguous parts of a River District Redevelopment Plan, until they could get more information on the property tax implications of the proposal.

In Tax Allocation Districts, which are used to stimulate economic development, the amount of property taxes that go to the local government is frozen on all real estate in its boundaries. Bonds would be issued to redevelop the area and as property values (and hence taxes) rise, any revenue collected over the frozen amount would go toward retiring the debt and possible infrastructure improvements.

The Flournoy Development Co. would develop the technology park property, which it hopes will lure defense-based industries that do business with Fort Benning.

Councilors voiced little concern about freezing the city’s revenue in the Technology Park TAD, because the amount of undeveloped land and blight in the defined area severely restricts the value. But in discussions of the River District Redevelopment TADs, councilors balked at the prospect, at least immediately.

Councilor Judy Thomas said her primary concern is that the city’s Tax Assessor’s office is in the midst of reassessing all real property in the city, so the current assessment does not accurately reflect where the assessment should be frozen for the 30-year life of the TADs.

“We contracted to have all the parcels in the city reassessed. That process is ongoing and hasn’t been completed,” Thomas said. “Specifically, it’s not been completed for the Liberty District and City Village areas. If we adopt this by Dec. 31 of 2015, without those new assessments, the baseline is going to be different than if we waited . That’s a very big concern to me.”

Bishop said the amount of difference between the current and reassessed value would be negligible, compared to the revenue that would be produced by redevelopment.

Thomas responded that she supports the three TADs, but that in the current fiscal climate in the Consolidated Government, every dollar counts.

Read more here: Council postpones decisions on three of four TADs | Columbus Ledger-Enquirer
Council postpones decisions on three of four TADs | Columbus Ledger-Enquirer
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Old 12-08-2015, 08:10 PM
 
30 posts, read 30,165 times
Reputation: 22
Typical!

Fort Benning is being trimmed down as we speak,and the city goes ahead with a Tech park for it.

SMH!!!

This is the main reason why it took downtown a long time to attract developers.
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Old 12-11-2015, 05:16 AM
 
322 posts, read 466,336 times
Reputation: 72
The TAD could help spur the development. The industrial park isn't tied to the number of troops....
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Old 12-11-2015, 07:34 AM
 
178 posts, read 160,144 times
Reputation: 59
Coulda woulda shoulda...Columbus war cry!!!....lol
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