Tax Allocation District

In 1985, the Georgia General Assembly authorized formation of Georgia’s form of tax increment financing called Tax Allocation Districts (TADs). The purpose of a Georgia tax allocation district is similar to tax increment financing in any other state. It uses the increased property taxes generated by new development in a designated redevelopment area to finance costs related to the development such as public infrastructure, land acquisition, relocation, demolition, utilities, debt service and planning costs. Other costs it might cover include:

 

 

  • Sewer expansion and repair
  • Storm drainage
  • Street construction &  expansion
  • Water supply
  • Park improvements
  • Bridge construction and repair
  • Curb and sidewalk work
  • Grading and earthwork
  • Traffic control
  • Street lighting
  • Landscaping
  • Property acquisition
  • Building acquisition
  • Demolition and clearance work
  • Parking structures
  • Environmental remediation

 

The creation of Tax Allocation District #1: Downtown Griffin and the portion North Hill Street within the city limits of Griffin is designed to provide the financial incentive to help implement the visions previously outlined in the Downtown Griffin Redevelopment Plan and the North Hill Street Redevelopment Plan.  The TAD will assist in financing the substantial infrastructure improvements outlined in each plan, which will provide both local and regional environmental and economic benefits. The redevelopment plan will also help to implement the redevelopment vision for the City’s historic Downtown area by helping to fund the substantial improvements to streets, streetscapes, parking areas and other public infrastructure needed to support the new, more intensive mixed-use development called for in the City’s vision for its Downtown.  As such, it is a highly appropriate and consistent use of this financing technique as conceived by the Georgia Legislature.