Tax Allocation District (TAD)
The City of St. Marys, with the assistance of the Bleakly Advisory Group, has completed a draft Tax Allocation District (TAD) #1: Historic and Industrial District Redevelopment Plan. Two public hearings to accept public comments regarding the plan were held on October 1st at 5:00 p.m. and October 5th. City Council approved the Redevelopment Plan at the City Council Meeting held on October 5th. The final plan was certified by the State and is effective beginning in 2016.
Georgia’s Redevelopment Powers Law was adopted by the general assembly in 1985 and gives local governments the authority to sell bonds to finance infrastructure and other redevelopment costs within a specially defined area, a tax allocation district (TAD).The citizens of the City of St. Marys approved a referendum to allow the City to use redevelopment powers to form a TAD on May 20, 2014. The first step is to designate a TAD boundary and prepare a TAD Redevelopment Plan as the business plan for the operation of the district. The plan is discussed at two public hearings and then must be approved by resolution of City Council. Once the resolution is passed, the taxable value in the TAD is verified as the base value of the district. Any tax increment above the certified base value in the district may be used to issue bonds for improvements made in the district. “This is an essential economic development tool for the City and may be used to encourage redevelopment in areas that may have difficulty attracting developers,” stated the City Manager, John Holman.
For additional information please contact Mr. John Holman, City Manager, at 912-510-4041 or Becky Myers at the Main Street Office at 912-510-4042.