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Citizens of Toombs County will soon have the opportunity to vote to allow Redevelopment Power. The local governments, authorities, and chamber of commerce are working to inform voters about the upcoming ballot.
Consider these points...
- Redevelopment Power will enable local governments to create Tax Allocation Districts (TADs). A TAD is a tax leveraged financing vehicle that promotes redevelopment of depressed properties funded from the INCREASE in the property value resulting from the redevelopment.
- To be considered for a TAD, a property must be served by sewer. No more that 10% of the total of the tax digest can be assigned to one or more TADs.
- Redevelopment Power granted by the referendum on the November 4th ballot will not increase anybody's taxes, except the property owner who directly benefits from the property improvements.
- Passage of the referendum does not guarantee that redevelopment will come, but it does increase the likelihood, with no downside risk to the local governments or citizens.
If you live inside the city limits of Lyons or Vidalia, you may see the question of redevelopment appear on your ballot twice in November as this will be on the ballot for the citizens of Toombs County, the City of Lyons, and the City of Vidalia.
The ballot will read:
Shall the Act be approved which authorizes (Toombs/Vidalia/Lyons) to exercise all redevelopment Powers allowed under the "Redevelopment Power Law" as it may be amended from time to time?
