Tuesday, October 10, 2023–11:48 a.m.
-David Crowder, WRGA News-
The Rome City Commission has approved the Tax Allocation District application for the NOVA project on West Third Street.
On Dec. 19, 2022, the commission approved a development agreement subject to attorney review and the Floyd County Commission approved a binding memorandum of understanding on January 10 of this year.
“We’ve been working on this project and the commission has approved it,” said Rome City Attorney Andy Davis. “What we have tonight is NOVA will be closing with its bank and so we have a development agreement along with the TAD note to approve. We also have a pledge agreement where they will be pledging their TAD to the bank in case the bank has to take over the matter, which is not unusual.”
The action by the city commission also creates quit claims deeds and other documents associated with the project.
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 taxing entities would have to agree to forgo the money.
“TAD benefits are based on the growth of the NOVA project and its growth only in the TAD I district,” said City Commissioner Jim Bojo.
The NOVA project includes more than 200 apartments, arts facilities, food and beverage sales as well as other commercial outlets.
