The Rockdale County Board of Commissioners discussed a resolution that will allow the county to create Tax Allocation Districts (TAD).
Having the power to create TADs, geographical areas within a redevelopment area that will allow the local government to receive tax allocation bonds to finance redevelopment cost, is something the board has been trying to do for a number of years because it puts “more tools in our toolbox,” says Rockdale County Chair Richard Oden.
“This is something that we’ve been wanted to see for a couple of years now to create a tax allocation district in unincorporated districts of Rockdale county to move that tax digest to create commercial value,” he said during the board’s Tuesday morning work session.
Rockdale County Chief of Staff Gerald Sanders concurred with Oden.
“It’s another tool to add to our toolbox which enables us to attract industry and job growth,” Sanders said. “This is one that has been very effective, at least in my experience over the years. (It) helps to attract industry to an area because it helps to lower what I call project perform cost.”
In a TAD, a government uses the anticipated increased tax revenues from a property to finance the private development of that property. It assumes the property will increase in value with development. A portion of that future increased tax revenue is used to back bonds that a private developer can use.
Sanders said this would give the county a similar tool to what the City of Conyers has. The City of Conyers instituted a TAD over the Olde Town Conyers area in 2007.
County officials attempted to pass a similar TAD resolution a year ago but “ran out of time to get it to state legislature,” said Sanders. The bill was approved by the Georgia House of Representatives, but didn’t pass the Georgia Senate.
A year ago, Rockdale’s state senators, Republican Sen. Rick Jeffares and Democratic Sen. Ronald Ramsey, told The News they had received very little information on the bill when it hit their desk and needed to hear more about it from local officials.
“We’re trying to stay on time this year,” said Sanders. “We’ve been having communications with members of the house and (Georgia) Senator Ramsey. “We’re hoping to get this in his hands as quickly as possible.”
The board will take a vote on the resolution at the 10 a.m. regular meeting on Tuesday, Mar. 10, at the Assembly Hall, 901 Main Street, Conyers.