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City's RDA report shows 37% assessed-value jump; $455,000 grant to fund alley project
Summary
Ty Bailey presented the city Redevelopment Agency report showing assessed value in the RDA area rose from $26 million (2022) to $35 million (2023), a 37.12% increase; the RDA has awarded small building renovation incentives and the city received a $455,000 grant to build an alleyway that will use RDA funds as match.
Ty Bailey, representing the city, delivered the Redevelopment Agency (RDA) annual update to the Morgan County Board of Education, detailing downtown investment and a significant recent grant award.
Bailey said the RDA project-area assessed value increased from $26,000,000 in 2022 to $35,000,000 in 2023 — a 37.12% increase — and noted the RDA has paid incentives of $40,000 each to renovate four previously vacant buildings. Bailey highlighted Commercial Street revitalization, increased activity and parking pressure as signs of progress. "The '22 assessed value of the project area was 26,000,000 and the '23 assessed value was 35,000,000 and a little bit, an increase of 37.12% over 1 year time period," he said.
He announced a $455,000 grant for an alleyway project behind Commercial Street that will facilitate parking, create a public gathering space, and make the parcels behind the frontage buildable; the RDA will use those funds as match and noted a roughly 30% match requirement for the grant.
Board members thanked Bailey and discussed continued collaboration between city, county and district on downtown improvements and shared infrastructure investments.
