The Chamblee City Council and Chamblee Downtown Development Authority (CDDA) have each unanimously voted to approve a new Tax Incentive Strategy to encourage economic development.
According to officials, the new Tax Incentive Strategy provides guidelines for the use of incentives designed to encourage the creation of jobs, housing diversity, historic preservation, and similar initiatives.
According to the Tax Incentive Strategy document listed on the city’s website, the CDDA is charged by the city with providing tax incentives only to projects determined by resolution of its board of directors to be effective in achieving economic development purposes aligned with the city’s master plan and vision for economic and community development.
Prerequisites listed in the document for such projects include:
- The project must be located within the boundaries of the CDDA, which are primarily located along Peachtree Boulevard and Peachtree Road.
- A formal and complete application must be submitted, including a narrative describing the nature of the project, project location, project size and breakdown of estimated costs, number of jobs created or saved, and the requested property tax savings schedule.
- A full city, county, and county school board fiscal impact analysis of the project must be conducted at the expense of the applicant by a financial analyst selected by the CDDA.
- The project must be consistent with existing local and regional planning efforts.
Officials stated that tax incentives will be considered and prioritized based on the project’s:
- Creation of jobs
- Housing diversity
- Public infrastructure investment
- Historic preservation
- New concepts or catalyst projects
- Environmental conditions and sustainability
More detailed descriptions of each of these priorities can be viewed at www.chambleega.com/DocumentCenter/View/5964/Tax-Incentive-Strategy-2022-Adopted.
“Strategic guidelines for the consideration of property tax incentives, as outlined in the Tax Incentive Strategy, provide clarity on the types of projects the CDDA would consider incentivizing. Projects requesting a tax incentive must demonstrate a substantial positive community benefit and are examined on a case-by-case basis to ensure they meet the city’s vision,” stated a news release.
As an example of a successful tax incentivize project, CDDA members pointed to The Olmsted, now known as The Oliver, a mixed-use development that officials say has served as a catalyst for several other projects that expanded both residential mixed-use options and the tax digest within Chamblee. It was approved as the city’s first project with a tax incentive in 2014. Since the initial tax incentive for that project, three additional tax incentive projects have been completed and each project has acted as either a catalyst project to encourage the development of underdeveloped properties or has created a significant number of job opportunities in the community, stated officials.
For more information, visit www.chambleega.com/358/Downtown-Development-Authority.