The Athens Metropolis Council voted April 26 to start the method on what could turn out to be the town’s third tax increment financing district, to be situated within the space north and south of Bojangles.
Based on Metropolis Planner Matt Davidson, metropolis employees have recognized an space off U.S. 72 between Interstate 65 and Swan Creek that has seen some “business disinvestment.” He mentioned these properties have probably not advanced, so some capital enhancements are being proposed so as to try to assist jumpstart improvement within the space.
Davidson mentioned a TIF district could be set as much as assist get well a few of the cash put into the enhancements for these areas.
“This can be a proposal that may start a course of to consequence within the Metropolis having a 3rd TIF district,” Metropolis Legal professional Shane Black mentioned. “It doesn’t approve it but. It units it on a course of that may lead to a public listening to in entrance of y’all subsequent month. That’s the place you’d really resolve whether or not or to not create a brand new TIF district.”
Based on Black, TIF District No. three wold contain the overall space from south of Bojangles on U.S. 72 and north of Athens-Limestone Drive on the opposite facet of U.S. 72 all the best way to Forrest Avenue.
“That space in there’s not developed, and what the TIF would do is … if the town appears to be like at sure kinds of freeway enchancment initiatives and it ends in financial development in that space, by organising the TIF, the Metropolis would seize any achieve on property taxes over a time frame, which the Metropolis has sometimes set at 20 years, so as to assist pay the Metropolis again for spending cash on these capital initiatives.”
Black specified organising a TIF district doesn’t elevate taxes.
“If the Metropolis goes to spend cash on capital enhancements on this space, if there’s new improvement that ends in a rise in property taxes, that improve could be paid to Metropolis to repay for cash spent in that space,” he mentioned.
Black used the previous Pilgrim’s Delight property for example, because it was the primary TIF district arrange by the Metropolis of Athens. He mentioned the realm was blighted, and the Metropolis acquired the property and tore down the blight.
“Arguably, on account of the actions taken, there was improvement to the east, and there appears to be like to be extra within the space,” he mentioned. “No less than a few of these developments wouldn’t have occurred if the Metropolis had not completed what it did.”
Black mentioned organising a TIF district is a method to assist a metropolis recoup cash over the long-term.
“It might not seize all of it, however in case you do not arrange a TIF, you will not seize any of it,” he mentioned.
Metropolis Clerk Annette Threet mentioned $5,000 has been collected from the TIF District arrange on the former Pilgrim’s Delight property to this point.
“It’s a gradual trickle,” she mentioned.
The decision to start out the brand new TIF district course of mentioned enhancements to the realm could embrace sidewalk extensions, lighting at U.S. 72 and an intersection enchancment on the intersection of U.S. 72 and Braly Boulevard.
The Council handed the decision unanimously.