After several meetings and presentations over the last couple of months, Columbus Council today approved establishing three Tax Allocation Districts in the downtown area.
The districts involve the Liberty District, Uptown and the area between TSYS and Bibb City, for the City Village project.
TADs are economic development tools used to attract development into blighted and otherwise undesirable areas.
Once a city or county establishes a TAD, revenue bonds can be issued to remedy infrastructure and environmental problems and other issues that might keep potential developers at bay. The renovations pave the way for investors to develop commercial and residential projects that increase revenue and can create jobs.