Attachment number 3 \nPage 4

TAD 4 Plan Saying that LOST Funds Unneeded

would otherwise not attract redevelopment, resulting in positive economic change for many formerly underdeveloped and blighted communities. As of December 2012, nearly 50 tax allocation districts had been established by local Georgia governments to stimulate major new construction, renovations or rehabilitation in areas that had suffered economically from blight, distress, inadequate infrastructure, substandard buildings andlor environmental challenges.

Downtown Augusta Qualifies for a Tax Allocation District

The proposed Downtown Redevelopment Area was named as a TAD #1 node in 2009. However, it has not yet attracted significant private investment for the very reasons it qualifies for this newly reconfigured and strategically focused TAD: Its substantial number of underutilized properties with aged, deteriorating, poorly maintained and low-value structures. Vacant andlor underutilized properties, poorly Sited surface parking and other low-end uses that are less desirable now than if redeveloped. Obsolete housing and commercial buildings. Defective, obsolete and inadequate street layout, aging and poorly designed transportation infrastructure. Obtrusive utilities that are obstacles to redevelopment.

A tax allocation district offers local governments the opportunity to promote redevelopment projects in areas like downtown Augusta that would otherwise not receive private investment.

TADs offer a flexible alternative to financing economic development without the need to use general funds, LOST or SPLOST revenues or to raise taxes. .,. TADs can be an excellent way to finance economic development in cities. - Georgia Municipal Association, www.gmanet.com
Grounds for the Exercise of Redevelopment Powers in Augusta
Georgia's local governments have the authority to create tax allocation districts as set forth in the Redevelopment Powers Law, which was initially adopted by the Georgia General Assembly in 1985 and has been amended from time to time. (OCGA 36-44-1, et seq.) In 2009 the Redevelopment Powers Law was re-enacted and reauthorized by the General Assembly after a 2008 Constitutional Amendment.

Laying the Groundwork for Strategic Investments & Growth

Item Page # 34