Tax Allocation Districts
The city of Marietta has established tax allocation districts (TADs) in an effort to revitalize declining neighborhoods and stimulate reinvestment in underutilized property. Authorized under Georgia’s Redevelopment Powers law, TADs offer opportunities for communities to support desired private development by reinvesting the resulting incremental property tax revenues into the projects themselves. The investments are made through tax increment financing (TIF), which is an economic development tool used by communities across the United States and in Georgia.
The Marietta Redevelopment Corporation (MRC) is responsible for evaluating requests from private developers to receive TAD or TIF assistance. Based on the MRC’s evaluation a recommendation is made to the Marietta City Council, who then approves or denies the request. The MRC has established policies and procedures to consider request for tax increment financing to support redevelopment projects within established TADs. To date the city has invested $8.2 million in TAD bond proceeds into the Center City South Renaissance District.