Albany - When you go to the polls in Albany next month, you'll be asked to allow the City to act under the Georgia Redevelopment Powers Law.
They want to encourage developers to take risks in depressed areas such as Downtown and South and East Albany. New Property tax revenue generated there would stay there to spur revitalization. Just what impact will the redevelopment Act have on you?
It's an ongoing project. The revitalization of Downtown Albany. Unfortunately, it's taking longer than anyone wanted. Assistant City Manager James Taylor said "The reason people don't come into certain areas is because it's risky, so we want to have an opportunity to reduce those risks and encourage people to come to Downtown, the Southside of Albany and East Albany."
How does that happen? By sticking money into those areas. One way to do that is through the Redevelopment Powers Law. "It's going to help us create jobs and bring development into those communities," said Taylor.
Here's how the redevelopment Powers Law works: The city commission designates a specific district, let's say the riverfront district. Any additional tax dollars that come into the district from growth and increasing property values would go right back into the district to pay for redevelopment and improvements to infrastructure. Tommy Postell said, "With that, we will probably be able to bring in some new businesses, refurbish some old businesses and bring about some changes in the makeup of what we already have existing."
Taylor said, "What we want to do is mitigate the costs, reduce the impact of risks to developers to come into that area." Once the district reaches it's development plan goals, the additional tax money goes back into the general tax base.
Two public forums are scheduled. The first is Tuesday night at 6 PM. Another is scheduled for October 29th at 6PM at the Government Center.