Where did our money go?
Are TADs effective? Who is running the numbers?
TADs (redevelopment projects built with funds paid back from municipal and school property taxes resulting from improvements) used to pop up during the real estate boom years to purchase blighted areas of the city landscape and develop mixed use residential and commercial properties.
But since the recent real estate meltdown, TADs were almost FADs….a thing that came and went….but not so fast.
It appears that the Perry-Bolton TAD (sight of the government project housing in Perry Homes) is back on track since the Atlanta City Council approved the issuance of $35 million in bonds for 3 commercial and residential projects. 1,500 single and multi-family housing; Moores Mill Village shopping center; and Community center with library are among some of the planned projects.
Source: Atlanta Business Chronicle, 2-25 to 3-3, 2011, 3A.
Note: Ask Alex Rodriguez (NY Yankees) about the benefits of TADs involving property taxes.
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