June 18, 2019–7:47 a.m.
The Rome City Commission has approved the Tax Allocation District IV agreement for the proposed East Bend development at the former Kmart site on Hicks drive.
Under a TAD, net new property taxes go back to the developer to help defray development costs.
In this case, $1,968,465, which would be payable over 15 years, according to Rome City Manager Sammy Rich.
The way this project is going, if there is no new investment then there are no new net tax dollars,” he said. “So, from a community perspective, it’s an incentive to redevelop the property. We are not losing anything, we are simply foregoing the net new revenue that would be created.”
The development has a potential for 20 to 28 new retail, restaurant and service businesses, bringing 450 new jobs.
Completion of the development is set for October of 2020.
In other action Monday, the commission approved a Water Leak Protection program, in which customers can purchase leak insurance for $1.65 a month.
Coverage under this program would be limited to $2,000 per calendar year, per meter, and per customer.
Customers would be able to opt out of the program.
You can read more here.