Tuesday, December 10, 2024–8:10 p.m.
-David Crowder, WRGA News-
The Floyd County Commission has voted not to participate in a Tax Allocation District agreement for a new hotel at Five Points.
The vote was 4-0.
The developer is applying for a TAD to defray the cost of building a 100-plus-room Home2 Suites at 1024 Martin Luther King Jr. Blvd.
Under a TAD, any increase in property taxes stemming from improvements would be funneled back into the project for a set number of years.
The project will still move forward with just city support.
It is anticipated that it will take about 12 years for the full $2 million to be paid back.
County participation would have meant a bigger pot of money, meaning the TAD could be retired sooner.
You can read more about the city commission’s vote to back the TAD here.
