College Park’s Director of Economic Development Artie Jones III delivered a presentation during the workshop session of the March 16 meeting of the mayor and council expounding on plans to establish a Tax Allocation District in the downtown area.
In the presentation Jones pointed out the conditions that may justify pursuing a TAD:
— The impact of airport noise restrictions has resulted in a substantial reduction of the City’s tax base
— The city has been actively planning for the redevelopment and expansion of its downtown core over the past several years – the TAD is an important tool to help implement that effort.
— The redevelopment area is substantially under-valued and falls far short of the city’s vision as articulated in its long range plans. The study area, which includes all of downtown College Park and its major commercial corridors, covers 45 percent of the city’s total acreage, but makes up less than 8 percent of its tax base. This area of 1,100-plus acres in the heart of College Park produced less than $525,000 ($471/acre) in total city real estate taxes in 2014.
To view the presentation documents go to collegeparkga.com/DocumentCenter/View/1839
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