Council approves first Tax Allocation District

Columbus Council unanimously approved creating the city’s first Tax Allocation District. It will facilitate the creation of a Fort Benning Technology Park, in the hope of luring defense contractors, among others, to otherwise unused land near the main gate of the post.

A decision on three other TADS, one around the Liberty District, one in Uptown and one in the area between TSYS and Bibb City for the creation City Village, was put off until January.

Voting 9-0, with Mayor Pro Tem Evelyn Turner-Pugh yet to arrive, councilors approved creating the district, but the resolution does not give the go-ahead to any development within it. That will have to be done by council later.

In Tax Allocation Districts, which are used to stimulate economic development, the amount of property taxes that go to the local government is frozen on all real estate in its boundaries. Bonds would be issued to redevelop the area and as property values (and hence taxes) rise, any revenue collected over the frozen amount would go toward retiring the debt and possible infrastructure improvements.

The Flournoy Development Co. would develop the technology park property, which it hopes will lure defense-based industries that do business with Fort Benning.

This story was originally published December 15, 2015 at 10:01 PM with the headline "Council approves first Tax Allocation District."