Stockbridge Officials are No-Show at Called TAD Meeting

The board of commissioners held a called meeting this week to hear from Stockbridge officials regarding the city’s proposed Tax Allocation District or TAD. The city was a no-show for the meeting.

To form the new tax allocation district, Stockbridge is asking the county to freeze tax collections within the downtown area for the next thirty years. Future increases in tax collections would then pay for city projects within the area.

TAD Called Meeting

County commissioners held a called meeting to discuss the Stockbridge TAD on Tuesday, April 18. The meeting lasted only a few moments because no one from the city showed up. The city had requested the meeting because they must receive the county’s approval to form their new TAD.

The proposed tax allocation district would be the first within Henry County. The TAD is a financial mechanism which allows future growth in tax collections following new development to pay for infrastructure improvements now. An example could be if an area is undeveloped due to a lack of sewer service or internet connectivity. The TAD could pay for that infrastructure then accept future repayments following new construction. They are also used to spur redevelopment in blighted areas.

The city of Stockbridge is requesting a TAD to spur redevelopment within their downtown area. The proposed district includes five sites for potential new construction. The plan (PDF link – 70 pages) envisions a mixture of new single-family homes, townhomes, apartments and mixed use space.

To incentivize new development, the proposed Stockbridge TAD #1 would offer direct economic incentives to new housing. The plan estimates up to 40% of its proceeds would go to direct incentives. Other projects could include road improvements, park space, assistance with building parking decks and / or housing rehab. The plan would bond up to $30 million dollars upfront to generate this revenue.

Before the TAD can borrow any money and begin to fund incentives, it must receive the county’s approval. This includes both county commissioners and the school board. The parties must approve the plan because they have to agree to freeze tax collections. The county and school board would continue to receive the present-day tax collections, but any increase would go to the TAD. The city is asking for a 30-year freeze on collections.

The city must now coordinate with the county for another called TAD meeting if they hope to gain the county’s approval. A presentation to the school board must also occur.

Featured image shows the proposed Stockbridge TAD #1. Stockbridge photo.