public information session redevelopment powers law
TRANSCRIPT
Public Information Session
Redevelopment Powers Law
Economic Development Tool
Publicly Controlled SitesUnited Economic Development Organization
Creative FinancingRevenue Bonds
One-Stop ShopPermitting
Redevelopment Powers Law
….A tool that position community for these retailers and more….
SecondaryJOBS
….Other Outcomes
Sales TaxLeakage
“The Question” – November 8 Ballot
“Shall the Act be approved which authorizes ______ (Whitfield County, Dalton, Varnell or Tunnel Hill) to exercise redevelopment powers under the ‘Redevelopment Powers Law’, as it may be amended from time to time?”
( )yes( )no
How Georgia Defines Redevelopment Powers Law
Creation of Districts in areas of old, blighted properties, with sewer, current generating minimal taxes and few jobs…
Increasing property values to grow tax base which could keep our individual property taxes down long-term
How Redevelopment Districts Work…Suspect “Districts” identifiedPrivate developer partnership developedRedevelopment Agency oversightLocal government approves planRevenue Bonds Issues (not general
obligation)Baseline value declared on 12/31Redevelopment plan builtIncreased property values repays bonds
Who Guarantees Bonds?
Private Developer City or county or Redevelopment Agency not on the hook for bond repayment
Example of Possible Redevelopment District in
Greater Dalton
Local Government Budgets ALWAYS made Whole First
Baseline Property Tax Base as Blighted Property
$100.00
Redevelopment Increased TaxValue $125.00
$100.00 = General Fund$25.00 = District Bond
Is this something new?
Georgia - 195827+/- Redevelopment Districts in Georgia –
NO FAILURE, to date (Rome, Atlanta region, Lagrange-Troup County, Gainesville, etc.)
Atlantic Station, Atlanta
Potential Retailers
Citizen for JobsP.O. Box 1815
Dalton, GA 30722Chairman: Dana Holsomback
Email: [email protected]
www.redevelopmentpowers.co
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More Questions?
www.RedevelopmentPowers.com
Vote November 8Redevelopment Powers