Rome’s Redevelopment Committee has agreed to move forward with an effort to create a redevelopment district in the area of the old Kmart on Hicks Drive, the Rome News-Tribune reports. When a TAD is created local government sets a baseline for property taxes generated within the district. As improvements are made and taxes go up, a portion of the increased taxes are returned to the developer over a specific period of time to offset the cost of the development.
“Rome’s demographics belie its potential as a growing retail regional hub for our area,” said Wright Ledbetter. “A lot of the national retailers don’t give us enough credit for drawing from a six-county footprint.”Read Article