Public Information Session Redevelopment Powers Law

Economic Development Tool Publicly Controlled Sites United Economic Development Organization Creative Financing Revenue Bonds One-Stop Shop Permitting Redevelopment Powers Law

….A tool that position community for these retailers and more….

Secondary JOBS ….Other Outcomes Sales Tax Leakage

“The Question” – November 8 Ballot “Shall the Act be approved which authorizes ______ (Whitfield County, Dalton, Varnell or Tunnel Hill) to exercise redevelopment powers under the ‘Redevelopment Powers Law’, as it may be amended from time to time?” ( )yes ( )no

How Georgia Defines Redevelopment Powers Law Creation of Districts in areas of old, blighted properties, with sewer, current generating minimal taxes and few jobs… Increasing property values to grow tax base which could keep our individual property taxes down long-term

How Redevelopment Districts Work… Suspect “Districts” identified Private developer partnership developed Redevelopment Agency oversight Local government approves plan Revenue Bonds Issues (not general obligation) Baseline value declared on 12/31 Redevelopment plan built Increased property values repays bonds

Who Guarantees Bonds? Private Developer City or county or Redevelopment Agency not on the hook for bond repayment

Example of Possible Redevelopment District in Greater Dalton

Local Government Budgets ALWAYS made Whole First Baseline Property Tax Base as Blighted Property $ Redevelopment Increased Tax Value $ $ = General Fund $25.00 = District Bond

Is this something new? Georgia /- Redevelopment Districts in Georgia – NO FAILURE, to date (Rome, Atlanta region, Lagrange-Troup County, Gainesville, etc.) Atlantic Station, Atlanta

Potential Retailers

Citizen for Jobs P.O. Box 1815 Dalton, GA Chairman: Dana Holsomback More Questions?

Vote November 8 Redevelopment Powers