9/8/2023 0 Comments Tad smith retail firstThe city or county will then designate an area or areas for redevelopment, not to exceed 10 percent of the tax digest, as a Tax Allocation District (TAD). Georgia’s Redevelopment Powers Law, which allows TIF to be used, must first be made applicable to a particular city or county by the passage of a local law by the Georgia General Assembly and its approval by a special election in the city or county to be affected. Recently, TIF financing was used to finance infrastructure improvements and environmental remediation in connection with the Atlantic Steel redevelopment project at 17th Street in Atlanta (Atlantic Station), and to finance infrastructure improvements in connection with a mixed-use development at Camp Creek Parkway in south Atlanta. Following recent revisions in Georgia’s statutes, TIF has been utilized or planned in DeKalb County and the cities of Atlanta, Macon, College Park, East Point, Marietta, Acworth and Smyrna. While originally used for urban renewal projects, in the 1980s and 1990s states began to allow the use of TIF for other types of development and redevelopment projects. How TIF WorksĪlthough certain forms of TIF have existed since the early 1940s, TIF did not come into widespread use until the 1970s. TIF can be used to pay for the public and sometimes the private improvements related to development. In the proper circumstances, the potential future increases in property tax revenues can almost magically be brought to the present to create or spur the development that will create those increases. TIF utilizes future incremental increases in the property tax revenues that will be created by development to finance improvements associated with the project. TIF is a local government financing technique that can be utilized to finance projects designed to stimulate private sector investments which otherwise may not have been feasible. Can one create something from nothing? Can an underdeveloped area “pull itself up by its bootstraps”? Perhaps, with tax increment financing (TIF), an increasingly popular method for funding economic development and redevelopment, also known as tax allocation bond financing.
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