Posted: Monday, August 10th 2009 at 7:59pm
Gainesville BOE approves TAD agreement
By Ken Stanford Staff
GAINESVILLE - The Gainesville Board of Education Monday night approved an amended Tax Allocation District (TAD) with the City of Gainesville.
Attorneys for the School Board and the City had crafted an amended agreement that would do the following:
*ensure that the BOE could review the agreement every 5 years to decide on continued participation;
*have increased representation on the TAD Advisory Committee;
*provide that no tax money from this budget year would be included in the TAD;
*provide that the TAD Increment would begin Jan. 1 2010;
*and, place a limit on residential development within the TAD.
Board members discussed the pros and cons of the TAD. The positives that were noted included:
*improvement of the mid-town corridor and improvement of the value of the area, resulting in future increased tax base;
*encouragement of future development outside of the TAD area, the “halo effect,” which would produce immediate tax increases upon completion;
*the immediate positive impact on the local economy, including, jobs, etc.;
*and, the revitalization of the mid-town area.
Concerns expressed during the meeting included:
*concern, in principle, of using tax funds for schools to spur development.
*be sure it would not impact the school budget until 2011;
*and increased student enrollment (possible) as a result of housing in the TAD.
The vote was 3-1 with David Syfan casting the only "no" vote. Board member Sammy Smith was not at the meeting.
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