COLUMBUS, Ga. – Columbus will be adding another tax allocation district in Midtown. City council approved TAD #5, MidTown West.
A certain area of town is established as a TAD. These are traditionally blighted areas that need improvements or rejuvenation. The TAD provides incentives for developers to invest in improving the district.
These investments increase property values and generate more money in property taxes. That extra money would go towards paying back bonds or loans that funded the improvements.
MidTown, Inc. proposed the TAD.
“We designated certain areas of Midtown on the east side and the west side for what we call redevelopment. That needs some redevelopment and incentives to get people to come in and build new houses, new homes,” said MidTown, Inc. Chairman Frank Etheridge.
Etheridge says any increases in property tax will be split into a pool for future development to be used for infrastructure and new construction.
“We also think that will stimulate additional redevelopment construction,” he said.
He’s hoping there will be an increasing in housing in MidTown West.
“We think we’ll see a lot of condos and new housing being built there,” Etheridge said.
A presentation to city council shows the redevelopment area’s population has been declining since 2000 with a zero population growth forecast for the next five years.
The median household income in this TAD is 42 percent lower than Georgia’s statewide median income. More than 25 percent of households earn less than $15,000 a year.
“Midtown is old. It’s over a 100 years old in many cases, many of the neighborhoods there and a lot of the infrastructure needs repairing so, we need development money for those repairs,” Etheridge said.
MidTown, Inc. says revenue bonds will fund the TAD. MidTown, Inc. also proposed TAD #6, which is MidTown East. City council is waiting until their next meeting to vote on that district.