Wednesday, March 18, 2009
© Copyright 2014
Gwinnett Daily Post
LAWRENCEVILLE - Three tax allocation district proposals have been withdrawn, as officials decided to take a closer look at the idea.
In December, commissioners tabled a decision on the districts, which were proposed for areas encompassing each of Gwinnett's three community improvement districts. Commissioner Mike Beaudreau had concerns that the areas were too broad and were not tied to a specific project.
With another year before a tax cycle ends to base the financing on, the county's redevelopment agency will look closer on the matter, Planning and Development Director Glenn Stephens said.
Gwinnett Village CID Director Chuck Warbington said the withdrawal won't affect the business community intent on redeveloping the Jimmy Carter Boulevard area.
"We just lost a year, but in an economy where property values are declining, we probably ultimately didn't lose anything," Warbington said.
In a tax allocation district, the county's tax revenues are set at a certain level and any increase in taxes, because revitalization boosted property values, are set aside for revitalization. The financing was used to create Atlanta's Atlantic Station.
Only one tax allocation district is currently set to use Gwinnett revenues. It is in the city of Norcross.