GTU coverage of Monday's TAD MOU meeting.

http://www.jacksonville.com/news/georgia/2009-07-22/story/developer_tax_allocation_district_a_must_for_laurel_island_annexation One thing Gordon did not cover is the fact that even though the city will not reap the benefit of 100% of the tax revenues from the property until 40 years or when the bonds are paid in full, whichever comes sooner, the city will be able to apply its millage rate (as will the county and school board) against the the base value of the property (as determined by the state) as of the day before the TAD becomes effective, for the entirety of the TAD's existence, and put those revenues into the general fund. The entirety of the TAD will be taxed at whatever the three millage rates are in each of the 40 years. Approving a TAD does not "fix" the millage RATE on the property. Moreover, if the project is a big success and the tax revenues on the incremental value in any one year exceeds the minimal debt service for that year, the city would have the option, under the law, of using the excess to retire the bonds early OR put the annual excess into the general fund. See the spread sheet predicting just that in my prior post on the subject.