Perdue signs TAD legislation
April 24, 2009 at 3:22 pm by Thomas Wheatley in NewsThe new bill clamps down on what local government officials can consider a “blighted” area.
From Dave Williams at the Atlanta Business Chronicle:
Only neighborhoods truly in need of taxpayer-funded redevelopment would qualify as tax allocation districts under legislation signed this week by Gov. Sonny Perdue.
The legislation, designed to accompany a constitutional amendment ratified by Georgia voters last fall, tightens the definitions of “blighted” and “deteriorated” areas under the state’s TAD law.
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Under the new law, only neighborhoods marked by substandard buildings, high vacancy rates and high poverty and unemployment could qualify as TADs. That way, only properties too unattractive to lure private investment could be redeveloped with TAD money.
School boards — which chip in the largest chunk of funding if they participate in a TAD — still have a choice as to whether they want to participate in the projects.
The tough economy has forced some cash-strapped school systems to renegotiate — or even rethink — their roles in TADs. Atlanta Public Schools and Atlanta Development Authority officials are in talks to split nearly $18 million that had already been generated from the Beltline TAD prior to a 2008 state Supreme Court ruling that said TADs were unconstitutional. (The school board says it still supports the Beltline, just that it wants to begin kicking in money this year.) Gainesville City Schools recently voted to opt out of a TAD in which it initially planned to participate.
April 26th, 2009 at 8:41 pm
The bill has no implications for the BeltLine TAD, or the APS’s efforts to renegotiate, right?
April 26th, 2009 at 10:47 pm
From what I can gather, Jade, it does not. Atlanta Public Schools decided to renegotiate the $18 million with the Atlanta Development Authority and Atlanta Beltline Inc. prior to Gov. Sonny Perdue signing the bill.