-David Crowder, WRGA News-
The Rome City Commission has tabled tax allocation district funding for a new residential development on 37.9 acres on Match Point Way, between the Armuchee Connector and Old Dalton Road.
RNG Investments, LLC has submitted plans for 240 multifamily units and 120 townhomes near a large tennis center, a hotel, and a shopping mall, bringing mixed-use characteristics to the area.
“Coming out of the Rome Redevelopment Agency, the intention was final approval tonight,” said Rome City Manager Sammy Rich. “We’ve yet to receive the final covenants that we’re going to be incorporated as part of our development agreement. That was how the approval was conditioned at the redevelopment agency, and for those reasons, we are just recommending that you take action tonight to table it until the next meeting. That’ll give us a chance to come back, and I’ll get the documents finalized. I spoke with the applicant earlier today, and he’s on board with that.”
These new residents are expected to strengthen the local economies of Rome and Floyd County by bringing in new spending and incomes.
In a more direct way, the addition of numerous residents to the area will also help address the retail challenges of Rome’s Mount Berry Mall, which helped spur the creation of the TAD #3 district in the first place.
Under a TAD, any increase in property taxes stemming from improvements is funneled back into a project for a set number of years.
Throughout seven years, the project is expected to generate $6,464,027 in incremental taxes to the City of Rome and Rome City Schools.
86.63% of this increment is requested as part of this TAD funding structure, which results in a TAD funding request of $5,600,000.
This request still significantly results in an increase in taxes that the City and Schools receive – the two jurisdictions would retain approximately $864,000 in property taxes alone from the property throughout those seven years.
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