April 28, 2021–9:47 p.m.
During a called meeting Wednesday, members of the Rome Redevelopment Committee got their first look at plans for a proposed development on Braves Boulevard.
It would include an upscale convenience store, drive-thru restaurant, and a liquor store on a currently vacant parcel near the stadium.
Developers are seeking Tax Allocation District funding to help defer some of the more than $4 million dollars in construction costs.
Geoff Koski with KB Advisory Group spoke on behalf of the property owner.
“We’re thinking that maybe we can have an agreement on something like a 10-year, pay-as-you-go,” he said. “If $46,000 is sort of the annual amount, and that amount is inflated over time, you’re looking at somewhere around $400,000 to $500,000 a year.”
Under a TAD, net new property taxes go back to the developer for a certain period of time to help defray development costs.
Koski spoke about the benefits of development.
“Once the project is stabilized, running, and fully occupied, you are looking at about $300,000 in annual public benefits that come from property tax sales tax, and business licenses,” he said.
In property tax alone, the development is projected to bring in around $60,000 a year. The property tax on the undeveloped property is around $11,000 annually.
More discussion regarding the TAD will take place before any final decision.