The Atlanta Beltline project has delayed making a payment due to Atlanta Public Schools, creating an $8 million hole in the school system’s budget.
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Staff writer Steve Visser contributed to this report.
How the Beltline TAD works:
When the 6,500-acre Beltline tax allocation district was created in 2005, the city of Atlanta, Fulton County and Atlanta Public Schools agreed to freeze the amount of property tax revenue each received from that area through the life of the TAD.
Any additional tax revenue generated by rising property values is used to fund the redevelopment project. But the Beltline TAD is contractually obligated to pay the county and school district fixed fees known as “payments in lieu of taxes,” also called PILOTs.
The Beltline TAD is unique in that its increment or revenue is primarily spent on infrastructure, as opposed to developer incentives.
When the TAD expires in 2030, Atlanta, Fulton County and APS will receive the entire tax base spurred by the Beltline project. Officials estimate the 2030 tax base will be $20 billion higher than 2005 levels.
Source: The Atlanta Beltline