CID Promotes Incentives for Redevelopment with Creation of Tax Allocation District (TAD) in Norcross

By
Real Estate Agent with Berkshire Hathaway GA Prop

    
Chuck Warbington
Chuck Warbington,PE
Executive Director

 

The Gwinnett Village CID in Norcross, Georgia recently submitted visionary plans to Gwinnett County in order to create incentives for redevelopment in the Norcross area through a Tax Allocation District called Gwinnett Village Gateway TAD.  This is the culmination of a years worth of planning, visioning, and public involvement that provides a blueprint for catalyst redevelopment projects while providing a new funding source for redevelopment and public improvement projects in the area.  Tax Allocation Districts leverage public funds to maximize private investment for redevelopment and have been successfully implemented in 47 states across the US.  The most well know TAD in Georgia was the successful redevelopment of the Atlantic Station project in downtown Atlanta. 

The Gwinnett Village Gateway TAD is currently awaiting approval by the Board of Commissioners in late 2008 or early 2009.  The TAD was envisioned for the area to improve, strengthen, and stabilize the economic base of the area while upgrading the aging commercial, industrial, and office districts in the CID.  The TAD includes 850 parcels and over 3100 acres.  The boundaries of the TAD include the "inner core" of the CID in Norcross centered along the I-85 corridor with catalyst focus areas at the I-85  interchange nodes at Jimmy Carter Boulevard, Indian Trail Road, and Beaver Ruin Road.  

The total private development investment over a 25 year period is anticipated to be over $3.3 billion dollars with a creation of over 15,000 permanent jobs.  This is all set in motion with just under $800 million dollars of public funds that will be spent in the area over the same 25 year period.  The exciting part of this incentive is that within the next 8 years, the public investment projection is approximately $500 million dollars to be spent on redevelopment and public improvement projects in the area.  Potential public improvement projects include:

•·         Road capacity expansions
•·         Bridge replacements
•·         Water/sewer enhancements
•·         Intersection improvements
•·         Recreation facilities
•·         Pedestrian safety improvements

The Board of Directors of the CID are excited about the prospects of the new year and look forward to having these incentives in place to spur positive economic change to the area. 

 

This article is being posted to Suwanee Talk with the express consent of the author.

                                                           

 

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Janice Slaven

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