City embarks on projects to spur economic growth - WALB.com, Albany News, Weather, Sports

City embarks on projects to spur economic growth

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By Wainwright Jeffers - bio | email

ALBANY, GA (WALB) - The city designated a specific geographic area that has the potential for redevelopment they say it'll bring jobs and big bucks in terms of tax dollars.

The tax allocation district encompasses downtown and stretches into parts of east Albany.

They say it'll bring in more tax revenue.

As improvements and private development take place the taxable value of property in increases.

Some taxpayers say the city is going about it all wrong, leaving taxpayers responsible for a 6 million dollar pre-development bond.

"There're saying the tax payers are responsible for the TAD bond, the first bond is pre-development bond and it is underwritten by the city. On all future bonds, they have gone out and private citizens and cooperation buy those bonds. If the tax allocation district is unable to pay those bonds for whatever reason the city does not, the county does not, the school board does not owe any money on those bonds." said James Taylor, Assistant City Manager.

"They can say anything they want to, they have signed contracts which obligate the citizens of this county up to three mills of additional tax on all property subject to tax in the city, now what they're telling you verbally means nothing to me," said Richard Thomas, Dougherty Co. Taxpayers Assn.

The tax allocation district lasts for 30 years.

City leaders point to Atlantic Station in Atlanta as a good example of a successful Tax Allocation District in Georgia.

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