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Economic Development

Posted on: March 9, 2015

First Tax Allocation District (T.A.D.) Meeting is a Success

Warner

Last Thursday, March 5, the City hosted its first of two public meetings regarding a new Tax Allocation District (T.A.D.), also called the "City Center East T.A.D."

In an effort to begin redevelopment around Lillian Webb Park, a four acre center within the historic district, City leaders have proposed a Tax Allocation District (T.A.D.). Establishment of a T.A.D. is a financing method that will allow the Norcross community to "allocate" future taxes of a "particular development" - essentially to pay for the development's own improvement.


Ken Bleakly from Bleakly Advisory Group presented the T.A.D. project on behalf of the City:

* The T.A.D. area covers approximately 28 acres and 38 parcels, south of the historic district
* A T.A.D. does not directly impact existing taxpayers
* "Future" real estate taxes (within the T.A.D. area) are collected and allocated to a special fund, then spent "in the T.A.D. area", for purposes assigned by the City, such as stormwater improvements, parking, etc.
* Once the T.A.D. is dissolved, real estate taxes are then moved to the City, County and School Board- resuming normally

For additional information, please join us for a second citizen meeting: April 6, 2015, 7 p.m.

Redevelopment Plan- City Center East...
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