The Rome City Commission is expected to pass a resolution during its meeting Monday night to create the City’s fourth tax allocation district (TAD) for the Hicks Drive MDX Redevelopment Area (former Kmart property). Ledbetter Properties has plans to develop the new East Bend shopping center on some four parcels consisting of 19.74 acres at Hicks Drive and Turner McCall Boulevard. The new project would bring some 20 to 28 new retail, restaurant and service business and 450 new jobs to the area.
According to previous reports, Ledbetter Properties is asking for a TAD reinvestment of $1,968,465 payable over 15 years. The stand alone “Pay As You Go” TAD equals 8% of the total redevelopment budget. According Wright Ledbetter, the TAD narrows the feasibility gap, enabling the required return on costs to be achieved by year six. The TAD investment would pay for itself in about two years and the estimated new sales taxes to the city, county, schools and Special Purpose Local Option Sales Tax initiatives would be approximately $1,000,000 annually. The proposed timeline for the project would see the TAD process completed by June 1 with the closing on the purchase of the property on July 1.
Still no official word on projected retailers and restaurants coming to the site. We do know Panda Express and Texas Roadhouse have been in very preliminary talks with Rome building officials on options at the center, according to an earlier report. You can read our “guestimates” here. Target date for completion of the new shopping center is October 2020.
The RCC will meet Monday at 6:30 p.m. at City Hall. Agenda
The Floyd County Commission will meet Tuesday, May 14 in the Community Room, Suite 206, on the second floor of the Floyd County Administration Building, 12 East 4th Avenue. Caucus will begin at 4:00 p.m. in the Commissioners Caucus Room, Suite 204, followed by the Board Meeting at 6:00 p.m. The meetings are open to the public.
On the agenda, will be first reading of a special use permit request for a special events venue in an Agriculture Residential (AR) zoning area at 96 Hiram Road in Floyd County.
The Commission will also discuss changes to the Floyd County retirement plan that would go into effect July 1, 2019. Proposed changes include:
- five year vesting at the age of sixty-five
- unvested service time credit given to former City of Rome employees
- when maximum vacation time has been accrued allowing for rollover to sick time
- accrued sick time to be used to reach final age and service time
- reducing the penalty for early retirement to 3% for all employees
- granting full retirement benefits for all employees who are at least sixty-two years old and have reach a minimum of thirty years of service