F’ville Council to hear how to get TAD redevelopment district started
Fayetteville voters last year overwhelmingly supported the Redevelopment Authority Powers referendum that gives the city a way to enhance the potential to have older commercial properties redeveloped. The City Council on Thursday will hear a presentation on how that process might work.
Representatives from Bleakly Advisory Group will present their recommendations for the Tax Allocation District (TAD) map. The presentation will identify hypothetical redevelopment scenarios pertaining to how a site could be redeveloped for residential and/or commercial uses and the potential financial impacts that could result.
Bleakly will also advise the council on the timeline of the TAD implementation process to have it active in 2014.
The 2012 vote to give redevelopment powers to the city to help attract new development in the older commercial areas passed with nearly 70 percent of voters favoring the measure.
The Redevelopment Authority Powers referendum on the November ballot was designed to use a tool Georgia calls a TAD to have the property taxes on a specific piece of property frozen until the redevelopment is complete. Under the plan, the property taxes continue to be collected at the frozen rate.
An example of one of the parcels identified for redevelopment is the 692 Shopping Center on North Glynn Street, former home of the Longbranch Restaurant and other businesses. Situated on 3.9 acres with a building totaling 41,975 square feet, the parcel sold in 2001 for $1.8 million. In 2006 the fair market value had dropped to $1.747 million. In 2007 and continuing through 2011 the fair market value was $1.308 million. Now largely unoccupied, fair market value in 2012 had decreased to $1.166 million.
Other older and significantly vacant commercial areas slated for potential redevelopment include the old Walmart and Banks Station shopping centers on Ga. Highway 85 and the undeveloped commercial property at The Villages on Ga. Highway 54 West.