On Tuesday, October 3rd, Bulloch County Commissioners unanimously approved to allocate taxes from revenue growth to the city of Statesboro’s South Main Street Tax Allocation District, or TAD.
A tax-allocation district (TAD), also known as tax increment financing, is a defined area where real estate property tax monies gathered above a certain threshold for a certain period of time (typically 25 years) to be used a specified improvement. The funds raised from a TAD are placed in a tax-free bond (finance) where the money can continue to grow. These improvements are typically for revitalization and especially to complete redevelopment efforts. (Wikipedia)
This means revenue from any future property improvements, beyond the current property value, within the district will go towards infrastructure improvements within that area by the city, said Bulloch County Manager Tom Couch.
This is a big boost for redevelopment efforts along the Blue Mile and will enhance the downtown area. This has been a years-long process to be approved by first the city, and now the county, and will only bring good things to Statesboro.