Developer asks Adams County to back $25 million Trace Town shopping-center redevelopment

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 project," Gurus said. He described a financing target that would yield a net $5,500,000 incentive to the developer; he said bond proceeds being requested would be authorized not to exceed $6.5 million with a net to the client around $5.5 million. Gurus told supervisors the county currently receives about $33,000 a year from the site and the project is projected to raise county receipts by about $170,000 a year once completed.

Why it matters: The county's participation would be limited to new tax revenue generated by the project, not existing tax receipts, but supervisors warned the schedule was tight. Gurus said the city has already pledged tax increments and the developers must meet state program deadlines: "...we need to get that in front of that board meeting with the Mississippi Development Authority before the '24th meeting," he said, describing calendar pressure tied to a state review.

Supervisors asked detailed questions about tenant commitments, the acreage affected, and how long the county would receive increased taxes before bonds are sized and issued. Gurus said developers have identified nine tenant commitments and expect a brownfield rebate to reimburse abatement costs for about three years; that rebate, he said, would likely reduce the amount of new taxes available for bond sizing during an initial period.

Several supervisors raised procedural concerns and requested more time to consult the county's bond counsel and review the financing documents. One supervisor said the board had been given only days to review materials and described the request as "last minute." Another asked whether the county would be required to pledge existing ad valorem taxes; Gurus answered that the county would only pledge the incremental revenue created by the redevelopment, not the $33,000 currently collected from the property.

No formal county vote to adopt the financing resolution or a notice to proceed was recorded in the meeting. Board members discussed scheduling an executive session to review confidential details and directed staff to provide time for bond-counsel review rather than take immediate formal action.

Ending: County staff and developer representatives said they would stay available to answer follow-up questions. Supervisors agreed to seek legal and fiscal advice and to proceed only after the board had time to review the financing package and any proposed pledge language.