As detailed in the Rome News-Tribune:
Rome’s Redevelopment Committee has approved the creation of a Tax Allocation District on three parcels at a former Kmart property on Hicks Drive.
Bleakly Advisory Group assisted the City of Rome with the creation of the Redevelopment Plan that must be approved by the Rome City Council for the TAD to begin operation.
Geoff Koski, president of Bleakly Advisory Group, recently presented the plan to the committee, which outlines the need for the district.
The news article continues:
“This particular project makes a lot of sense,” Koski said. It encompasses 19.7 acres. The estimated fair market value of these parcels for tax purposes is $3.7 million and the assessed value, or taxable value, is $1.5 million.
Koski said the $35 million in annual sales that could generate more than $1.5 million in sales tax revenue for the city, coupled with the loss of jobs when Kmart closed in 2016, would qualify the site for a TAD under Georgia law.
“It is in the public’s best interest to have that site active again,” Koski said.