City Working On Redevelopment Plan for Targeted Areas

There is currently pending legislation which has been introduced by State Rep. Tom Rice that would give the City of Peachtree Corners the ability to offer developers incentives to redevelop distressed or blighted areas.

An example is the Holcomb Bridge corridor which was at one time a premier area for businesses, retail shops and restaurants. The area would likely be one of the city's targets for redevelopment said Mayor Mike Mason.

If legislation is passed, voters would decide in November whether or not to grant the city the ability to improve identified areas of the community.

And if voters approve the referendum, it would enable the city to use financing tools such as Tax Allocation Districts (TADs) to create incentives for developers to renovate distressed areas. This would fall under the city's Planning and Zoning service.

TADs take tax dollars in a redevelopment and apply them to projects within the district, they do not raise taxes or create debt said Mason.

"We are laying the foundation for the future," explained the mayor. "The Council and I have been speaking with experts on redevelopment tools in order to gain a better understanding of what they will bring to Peachtree Corners."

City leaders would use the Comprehensive Plan to help identify the areas to be targeted for redevelopment.

The mayor said the ability to create TADs and other incentive tools especially in "Post 1 along and around the Holcomb Bridge Road Corridor" would "stimulate redevelopment which will increase property values and enhance quality of life in our community."

Current census figures show that housing values in parts of Post 1 are 12 percent lower than the county median and housing vacancy rates are as high as 9.3 percent.

Over 30 Georgia cities and counties have adopted redevelopment powers with some establishing TADs including the surrounding cities of Duluth and Roswell along with Gwinnett County. Atlantic Station in Atlanta is an example of a successful TAD.

"Having redevelopment powers does not in any way expand the limited services that our form of government provides," said Mason. "It simply gives the city an additional tool to implement its community development responsibilities."

Mason said the city asked the State legislature to begin the process now to avoid having to wait until the 2014 legislative session.

Do you like the idea of redeveloping areas of the city that could use some help without increasing taxes? Use the comment box below and let us know.