Albany - Voters approved them, now city commissioners are moving forward with plans for a new Tax Allocation District.
In November, Albany voters approved the Redevelopment Powers Authority referendum. Now, the first Tax Allocation District, or TAD, will be set up Downtown. Any additional property tax revenue generated from new development there will be spent to encourage even more development in that district.
Assistant City Manager James Taylor said, "That will give us the opportunity to incentivize new development to grow that district, to pay off any bonds associated with the development, and then in some period of time, ten years, five years, turn that district money back to the city, county and school boards."
It will still be about a year before the TAD is set up to draw money. The city must now define the district and develop a redevelopment master plan. Commissioners are also considering setting up a second district in East Albany.