Board approves TAD boundary for Sea of LaGrange redevelopment; developer stresses financing and tenant commitments
Commissioners approved a resolution to include Troup County's tax increment in a newly established TAD for the Sea of LaGrange redevelopment; developer Matt Boone said the district is necessary for feasibility, the TAD would last 25 years with a construction 'sunset' requiring meaningful progress by 12/31/2030, and development agreements are negotiated and signed by the city and developer, not the county.
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The board voted to approve establishing a Tax Allocation District (TAD) boundary for the Sea of LaGrange redevelopment and to include the county's tax increment in the district through a resolution and intergovernmental agreement. Developer Matt Boone addressed the board, said tenant negotiations were progressing, and emphasized that without the TAD the project would be a "nonstarter." He explained the county's action is to commit its increment; the actual development agreements and construction oversight are matters between the city and the developer.
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