COLUMBUS, Ga. (WTVM) - Columbus City Council is weighing the options of redeveloping southwest Columbus through a new Tax Allocation District (TAD).
The redevelopment proposal presented at a public hearing to council Tuesday includes building new housing, hotel, and mini golf along the South Columbus River District.
TADs are used as a way to encourage new development to come into the city’s blighted, rundown areas that might not otherwise be developed without an incentive.
NeighborWorks Columbus and R&R Capital Investments have an application in to create the Columbus’ 8th TAD off Victory Drive along the Riverwalk north of South Lumpkin Road.
“The proposal has been for some multi-family residential units to go in there along with the possibility of a resort classification going there with a hotel and conference rooms, a conference center rather, more than anything else,” said Columbus Planning Director Rick Jones.
Jones said the proposal for the South Columbus River District might include an application for a casino in the future.
“Of course, that’s still way out there because it still has to go through the state legislature for approval. Columbus would still have to be designated as a possible site for that casino. The citizens of Columbus would still have to vote on it if they want gambling of that type in Columbus,” explained Jones.
Jones said the TAD wouldn’t be an additional tax. He said the way a TAD typically works is they freeze the baseline value of the property for tax they’re currently correcting. Then, when new development comes in the area and increases the property value, the additional taxes collected based on the increased property value above the baseline value go into a fund that can only be used in the specific area.
If city council approves creating a new TAD, it doesn’t automatically mean they are approving developer’s proposed projects.
“It would allow them to utilize some of the funds that are generated off that site, basically some of the additional property taxes that are generated off that site, so that they could use for infrastructure needs and other facets of that development,” said Jones.
City council is expected to vote on the South Columbus River District TAD at next week’s meeting.