Gadsden council creates new downtown TIF and expands airport TIF to fund Coosa Harbor, airport projects
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Summary
The Gadsden City Council on March 3 approved a new Tax Increment Financing (TIF) District for the City Center and amended a second TIF to include the airport and extend its term, measures officials said will help fund public infrastructure tied to Coosa Harbor, a prospective hotel, and other commercial drivers.
The Gadsden City Council voted March 3 to create Tax Increment Financing District Number 1 covering the Gadsden City Center area and to amend Tax Increment Financing District Number 2 to include the airport area and extend its duration. The council adopted both measures by voice vote after a multi-part presentation explaining how TIFs capture increases in assessed value to pay for public improvements.
Legal counsel Lee Roberts, who led the presentation, described the mechanics: "Once that TIF District is created... whatever the increase is... is what's called the increment. That's the money that we capture in this TIF fund," he said, walking the council through examples of eligible uses such as turn lanes, sidewalks and demolition for redevelopment. Roberts identified economic drivers for the new TIFs including Coosa Harbor, a planned hotel and the incoming Rural King store, and he cited a mix of proposed public projects meant to support private investment.
Roberts and council members discussed projected values for specific parcels. Roberts said the current assessed value of one Coosa Harbor parcel was $415,000 and, after questioning and clarification during the presentation, referenced projected post-development values in the millions for planned hotel and mixed-use sites. He also noted the city pays property tax in mills and explained how the city and county portions of increment are captured under the proposed agreements.
Council members emphasized practical aims. Councilman Avery asked whether undeveloped parcels near Highway 411 were inside the proposed boundary; Roberts confirmed the map stops at the stated point. Mayor Craig Ford and others highlighted potential benefits: improved infrastructure around the airport to attract corporate visits and hangar development, and funding for projects such as a sports complex and pool that they said could spur nearby private investment.
Both TIF resolutions passed after public hearing and discussion. The amended airport-area TIF was presented as a way to address blight at the airport, add hangar capacity and, officials said, make the airport more attractive to corporate users.
What happens next: the council adopted the measures by voice vote; staff will proceed with administrative steps to implement the districts and work with county partners and potential developers on project plans.