What are Tax Allocation Bonds, and how are they repaid?
• A city council may issue tax allocation bonds, to be used solely for the purpose of paying permitted redevelopment costs, with a maximum maturity of 30 years. • The bonds are payable from the incremental tax revenues assigned to secure the bonds. • The bonds do not constitute an indebtedness secured by the general taxing power of the local government. The City of Columbus is not legally liable to repay bonds should the designated revenues fall short. 7. How have TADs been used elsewhere? TADs have been used to finance varied large and small projects. Examples include financing the development of historic theatres, transit systems, museums, sports arenas and convention centers. Twelve of the 13 tax allocation districts created in Georgia are in the metropolitan Atlanta area. Successful Georgia examples • Created to provide funding for cleanup of an environmentally contaminated site and construction of basic infrastructure on the former Atlantic Steel Mill brownfield site in Midtown At
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