Thursday, October 30, 2008
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Gwinnett Daily Post
I read with interest the guest viewpoint by Brett Harrell, executive director of the Evermore Community Improvement District ("Approve amendment to preserve school control," Oct. 26, Page 10A).
What Harrell failed to mention is that when a tax allocation district is set up, the value of property for tax purposes is fixed. The growth in value is diverted back to the developer for a period of 25 to 30 years, which is usually the life cycle of bonds that would be issued for redevelopment. Therefore, if the fixed value for a parcel within a TAD is currently valued at $5 million and with redevelopment increases to $40 million, taxes on the $5 million, including those which should go toward public education, will go to the city or county. Taxes on the $35 million will go to pay off money borrowed for redevelopment.
Taxes for public education should never be used for any purpose other than educating our kids. We can make this happen by voting no to Amendment No. 2.