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Printable Form 941c Fulton Georgia: What You Should Know
Scheduled to be completed by July 1, 2019. The City of Hayesville will be offering incentives in its bid to secure a new office complex/mall, to be funded by the Federal Tax Increment Financing (TIF) tax increment formula. As it's finalizing the site plan for the project, they're developing and evaluating options for financing the project utilizing the TIF. The TIF encourages economic development and job growth using a formula that incentivizes development of development based on actual new tax revenue flows. If selected, the Hayesville site could be the largest in Hayesville and South Fulton County in terms of floor area. I have been involved in many TIF and TEC programs and have been involved in projects like this which have resulted in much of the tax revenue being used for the project. To facilitate the planning process, I have been researching incentives and financing options available for this project. I have received assistance from the Greater Atlanta Urban League and the Georgia Retail Association in conducting the research, to include input with the City of Hayesville and the Hayesville Business Association. The research identified several potential financing options. For instance, the City of Hayesville is exploring the TIF as a possible financing option. A special legislative session is expected for the 2023 fiscal year, which would present an opportunity for the City of Hayesville to propose a tax increment financing (TIF) bond measure for this project. A TIF is similar to a municipality's own bond measure, where a group of local residents and area business owners must collectively provide an amount of private funding to finance a project. TIF funding is typically used when the community is in a high unemployment rate or when local governments are facing a financial deficit. TIF is a form of local government borrowing, where a set amount of municipal debt must be financed over ten years using city revenue. Funding the construction of a project using a TIF is usually very low, typically less than 15% of construction costs. In addition, a TIF can be structured to create a tax revenue stream throughout the ten-year period, providing the project with the potential for growth. Tax increment financing allows the public to own a piece of the increased value of an enhanced redevelopment site. The interest and taxes on TIF proceeds are then invested under a community development agreement and can be used to help grow the neighborhood, build infrastructure or maintain existing infrastructure.
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