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Developer asks Adams County to back $25 million Trace Town shopping-center redevelopment
Summary
Representatives for Newnan Real Estate asked the Adams County Board of Supervisors during the meeting to approve measures that would enable redevelopment of the Trace Town shopping center, including a local pledge of increased taxes to help repay urban-renewal bonds.
Representatives for Newnan Real Estate asked the Adams County Board of Supervisors during the meeting to approve measures that would enable redevelopment of the Trace Town shopping center, including a local pledge of increased taxes to help repay urban-renewal bonds.
Chris Gurus, a development consultant speaking for Newnan Real Estate, said the firm plans to buy and redevelop the shopping center and expects the completed project to represent about a $25,000,000 investment. Gurus said the developers are requesting issuance of urban-renewal bonds, to be repaid from the new taxes created by the project, and are seeking county participation alongside the city.
"We're asking the county to participate financially along with the city to help, finance the urban renewal bonds as part of this…
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