New TAD District approved
February 13, 2018--8:53 a.m.
The Rome City Commission voted unanimously Monday night to establish a Tax Allocation District for the area of Mount Berry Square Mall.
“In essence, this TAD District will encompass what is the Mt. Berry Mall predominately, but also some adjacent parcels like those around the Rome Tennis Center at Berry College, according to Rome City Manager Sammy Rich. “By setting up the TAD, this will encourage future development and future investment. Once established, we will already have the process in place so that someone can come an make an application to the city for Tax Allocation District funding.”
Commissioner Wendy Davis clarified what the action does.
“I want to be very clear, this is setting up the district,” she said. “This is not a proposal for a specific TAD if you will; it’s just creating the district. If anyone were to request one of those proposals it would be evaluated in due course.”
Here’s how the Tax Allocation District works.
Once a development is open, the annual property taxes are paid into the TAD fund, which is a special, set-aside fund.
The developer can then request money from the fund to offset the development cost of the project.
Also Monday, commissioners approved an Alcohol Ordinance Amendment regarding the Food to Drink Ratio.
The ordinance will allow food served at on-site food trucks to count towards an establishment’s food/drink ratio requirements.