The Fulton County Commission will consider on Wednesday changes to the rules around a controversial incentive tool.
Commissioners want to regulate the process of obtaining a tax allocation district. Commonly shortened to a TAD, these districts redirect all property taxes from a new development to a pot of money that would fund improvements needed to successfully support the project.
There are currently 15 TADs in Fulton, most of which are in the city of Atlanta. They have brought Fulton $346 million since 1999, according to a presentation from the county attached to Wednesday’s meeting agenda. Just under 6% of the county’s land is in a TAD.
For the emaciated North Point Mall in Alpharetta, a TAD means property taxes that would have gone to governments are funneled right back into preparing roads, sewer and other infrastructure for the new development but it also means residents won’t get the benefits of property taxes from that area for as long as 25 years in order to give the development a shot in the arm.
The new rules would require Select Fulton, a government agency that helps companies with site selection in the county, to submit a report to the county commissioners about the TAD. Staff would reach out to the city and create a report within 90 days so commissioners can make an informed decision before vote on the TAD.
The meeting begins at 10 a.m. in the assembly hall of the county government building, 141 Pryor St. in downtown Atlanta. The meeting will be streamed online at http://bit.ly/WatchFGTV.
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