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Tax Allocation District #1 – I–16 / U.S

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Tax Allocation District #1 – I–16 / U.S TAX ALLOCATION DISTRICT #1 – I–16 / U.S. 301 INTERSTATE GATEWAY SEPTEMBER, 2012 Prepared for: Bulloch County, Georgia Prepared by: Bulloch County Tax Allocation District #1 – I-16/U.S. 301 Interstate Gateway TABLE OF CONTENTS Table of Contents ............................................................................................................................................................................. i I. Executive Summary .................................................................................................................................................................. 3 Overview ..................................................................................................................................................................................... 3 The Opportunity .......................................................................................................................................................................... 4 Key Challenges .......................................................................................................................................................................... 4 Bulloch County TAD #1 – I–16 / U.S. 301 Interchange Qualifies as a TAD ............................................................................... 4 TAD Boundaries ......................................................................................................................................................................... 5 Proposed Development .................................................................................................................................................................. 6 Proposed Public Investments ..................................................................................................................................................... 6 TAD Financing Potential ............................................................................................................................................................. 7 Benefits of the Interstate Gateway TAD to Bulloch County Residents ....................................................................................... 8 School District Impact Analysis .................................................................................................................................................. 9 Summary Conclusion ................................................................................................................................................................. 9 II. Introduction ............................................................................................................................................................................. 11 The Vision ................................................................................................................................................................................. 11 Geographic Boundaries (A) ...................................................................................................................................................... 11 How Bulloch County Residents Benefit .................................................................................................................................... 12 Overview of Tax Allocation Districts ......................................................................................................................................... 13 Proposal ......................................................................................................................................................................................... 14 Grounds for Exercise of Redevelopment Powers (B) ............................................................................................................... 14 Why the I–16 / U.S. 301 Interstate Gateway Qualifies as a Redevelopment Area ................................................................... 15 Summary of Project Conditions ................................................................................................................................................ 19 Plan Vision and Goal .................................................................................................................................................................... 20 Proposed Land Uses after Redevelopment (C) ........................................................................................................................ 20 Future Land Use ....................................................................................................................................................................... 21 Proposed Redevelopment Projects (D) ...................................................................................................................................... 23 Contractual Relationships (E) ...................................................................................................................................................... 24 Relocation Plans (F) ..................................................................................................................................................................... 25 Zoning & Land Use Compatibility (G) ......................................................................................................................................... 25 Existing Development Patterns ................................................................................................................................................... 26 Current Land Use ..................................................................................................................................................................... 26 Existing Zoning ......................................................................................................................................................................... 28 Plan Consistency .......................................................................................................................................................................... 29 Comprehensive Plan ................................................................................................................................................................ 29 Future Zoning ........................................................................................................................................................................... 30 Method of Financing / Proposed Public Investments (H) ......................................................................................................... 30 Financing Potential: Bulloch County Tax Allocation District #1 – I–16 / US 301 Interstate Gateway ....................................... 30 Proposed Public Investments ................................................................................................................................................... 34 The Benefits of the I 16/U.S. 301 Interstate Gateway TAD to Bulloch County ......................................................................... 34 Assessed Valuation for TAD (I) ................................................................................................................................................... 35 Historic Property within Boundaries of TAD (J) ........................................................................................................................ 36 Creation & Termination Dates for TAD (K) ................................................................................................................................. 36 Tax Allocation Increment Base (M) ............................................................................................................................................. 36 Property Taxes for Computing Tax Allocation Increments (N) ................................................................................................ 37 Tax Allocation Bond Issues (O, P, Q) .......................................................................................................................................... 37 Amount of Bond Issue .............................................................................................................................................................. 37 Term of the Bond Issue or Issues ............................................................................................................................................. 37 Rate of Bond Issue ................................................................................................................................................................... 37 Positive Tax Allocation Increments ........................................................................................................................................... 38 Property to be Pledged for Payment of the Bonds ................................................................................................................... 38 School System Impact Analysis (R) ............................................................................................................................................ 38 Summary Conclusion: Future Revenues with and without the Proposed TAD ................................................................... 38 Redevelopment Plan i Bulloch County Tax Allocation District #1 – I-16/U.S. 301 Interstate Gateway Appendices .....................................................................................................................................................................................
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