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Decide DeKalb reports $29M in assets, approves TAD awards for housing and grocery-anchored center
Summary
Vice President Tiffany Wills updated PECS on Q3 TAD finances: roughly $29.1M in assets, ~$1.3M tax increment revenue YTD; the board approved two awards—Cottages At Midway (≈$2.3M) and Candler Crossing (total awards under $6.1M in September)—and has seven pending applications requesting about $19.8M.
Decide DeKalb briefed the PECS committee on third-quarter TAD financials and recent awards, and fielded commissioners' questions about advisory committees and how affordable commercial space will be allocated.
Vice President Tiffany Wills said the organization's books show current total assets just under $29,100,000 and a combined special fund balance of about $29,000,000 across county-held and Decide DeKalb assets. For the first three quarters the organization has received approximately $1,300,000 in tax increment revenue and about $200,000 in interest, resulting in net income after expenses to date of the period. "Our Board of Directors made two awards in September totaling just under $6,100,000," Wills told the committee.
Wills described the Avondale TAD award for the Cottages At Midway: the project will redevelop 2.1 acres into 18 cottage homeownership units with approximately 66% of the units reserved for households earning up to 120% AMI; the TAD award is roughly $2.3 million and is structured as a combination of a subordinate loan (repayable on sale), a grant and a forgivable subordinate loan acting as down-payment assistance. Wills also described an award for Candler Crossing (at Candler and Glenwood), a roughly 7-acre grocery-anchored shopping center with a Publix and a detached retail building of about 11,000 square feet, of which about 2,000 square feet will be offered as affordable commercial space at 60% market rent for the first five years.
Commissioners asked when TAD advisory committees will be formed and whether those committees will inform local appointee selections. Wills said Executive Director Dorian DeBarr (sometimes referenced as "DeBarr/DeBar") is socializing a structure of 10 advisory committees and hopes to have the committees approved and appointed in the first quarter of the new year; the board of directors must vote to create the advisory committees and then appoint members.
Committee members also asked how the affordable commercial space at Candler Crossing will be allocated. Wills said the developer and property owner will propose an applicant-vetting process and that final details should be available after the development agreement is finalized; staff will report back at the next meeting.
