The plan designed to redevelop some of Fayetteville’s older commercial areas using a voter-approved measure called a Tax Allocation District (TAD) is moving closer to a decision by the Fayetteville City Council.
Plan representatives on Thursday will present the redevelopment plan portion of the process that identifies targeted areas that include parcels along Ga. Highway 85 north of downtown and in the downtown area.
If approved, staff will seek approval from the Fayette County Commission and Fayette County Board of Education, who are the other taxing authorities that will need to adopt the plan. The consultants at Bleakly will also assist in this process, Wismer said.
Wismer said the redevelopment plan is an integral step in the eventual creation of the TAD.
“It is important to adopt the plan in a timely manner so that it can become effective in the 2014 tax year, as this will further the city’s redevelopment efforts of aging commercial areas,” said Wismer.
“The next phase in the implementation process for the Tax Allocation District is the adoption of a redevelopment plan,” said city Community Planning Director Brian Wismer. “The team at Bleakly Advisory Group has prepared the plan following their recent presentation to City Council. The plan includes the recommendations for the TAD map, which identifies areas to be targeted for redevelopment and would have the greatest potential to benefit from this financial tool.”
The redevelopment plan also identifies the vision and goals for the TAD, provides an assessed valuation for the properties within the TAD, methods of financing and a school system impact analysis, Wismer said.
The hypothetical scenarios that were presented at an earlier meeting are also included to create a legitimate forecast of revenue streams.
