Perkerson Civic Association

TAX ALLOCATION DISTRICTS

» METROPOLITAN PARKWAY

The Metropolitan Parkway Tax Allocation District was created in late 2006 and its basic purpose is to generate public-private partnerships that will facilitate the redevelopment of one of the City's prime development sites within its southern sector.  This TAD will help balance the disinvestment and general lack of new development during the past three decades within the Metropolitan Parkway area with the new development and private investment occurring in many of Atlanta’s other Intown communities. The TAD will encourage new commercial construction within the Metropolitan Parkway Corridor and help accomplish the following goals:

• Promote the development of infrastructure and amenities such as parks and plazas to encourage and support all elements critical to building a sustainable community comprised of neighborhoods that express their character through quality community gathering places and people- and pedestrian-friendly environments
• Allow for the development of primarily commercial infill and mixed-use projects that actively protect environmental resources to eliminate the development gaps that divide these communities
• Provide funding for additional roadway and transportation-oriented improvements that will address current and projected traffic congestion and improve access to transit facilities by encouraging appropriate intensities of development and an efficient mix of uses within transit areas

The TAD contains approximately 1,023 acres in the southwest quadrant of Atlanta and includes portions of Neighborhood Planning Units X, Y and Z.

Applications are not currently being accepted for Metropolitan Parkway TAD financing.  The funding application will be posted prior to the application period.  For more information on the application and approval process, please review the Program Description.

TAX ALLOCATION DISTRICTS

A Look At The 1st Eight Years of TADs In Georgia: A Survey and Analysis

Status of Approved Residential Projects
Approved TAD Projects

Tax allocation districts are one of the City of Atlanta’s most valuable economic development tools. Also known as tax increment financing (TIF), tax allocation financing is a redevelopment and financing tool by which governments can provide financial assistance to eligible public and private redevelopment efforts within an officially designated area or TAD. Increases in property tax revenues, which are generated primarily from new investment in the district, are allocated to pay infrastructure costs or certain private development costs within the TAD. This is primarily done through the issuance of tax allocation district bonds. Approval to establish a TAD must be obtained from all governments with tax authority within the district (City, County, and school) in order to use all portions of property tax revenues.

TAD Process
In the first step of the project approval and bond issuance process ADA staff meets with each developer to discuss the conceptual project overview. After reviewing the project scope, ADA determines the project’s eligibility. If the project appears consistent with the goals outlined in the Redevelopment Plan, the developer’s next step is to complete and submit the TAD application and application fee. In addition to thorough staff evaluation, underwriting, feasibility and fiscal analysis, projects are presented to a community advisory board or committee, which makes recommendations to the ADA Board in support of or against individual projects. Developers of approved projects enter into a ‘Developer Agreement’ with the City and ADA, the conditions of which must be approved by the ADA Board. City Council must then approve the full bond document and funding amounts before tax allocation bonds are sold. The proceeds from the bond issue are distributed to the developers as outlined in the bond documents.

For more information on the TAD program, please review our TADs 101 presentation.

TAD Educational Video (Windows Media Player required to view the video)

TAD Project Selection and Bond Issuance Process

TAD Developer Requisition Process

Map of the City's 10 Tax Allocations Districts with MARTA Stations

TAD December 2009 Financial Statements

TAD March 2010 Financial Statements

Approved TAD Projects

Status of Approved Residential Projects

For more information about Tax Allocation Districts, please contact Amanda Rhein at arhein@atlantada.com or 404-614-8282 begin_of_the_skype_highlighting              404-614-8282      end_of_the_skype_highlighting.