City officials may move forward with more Tax Increment Financing (TIF) projects after a Chamber of Commerce presentation touting the development tool on Tuesday.
Charles Wood, Chamber economic development vice president, said TIFs have been used to spur major development in Atlanta, Knoxville, Nashville, Memphis and many other major cities.
He said they could be effective with the city's Tubman property and elsewhere here.
City Attorney Wade Hinton said his office "will come back with some recommendations" on moving forward with the tool that allows the selling of bonds that are repaid from additional tax income brought by the developments.
He noted that the TIF conversation in recent months has focused on a controversial one granted to build a road and sewer line up Aetna Mountain. A lawsuit tossed out that initial TIF, but another one was granted in its place. Citizen activist Helen Burns Sharp has filed a second lawsuit challenging the re-approved Black Creek TIF.
Mr. Wood said at Atlantic Station in Atlanta the city used a TIF to come up with $170 million in public infrastructure, parking and remediation. He said the land value for the district went from $7 million to $428 million.
He said the TIF option "allows a community to be aggressive and accomplish specific goals."
Mr. Wood said the difference is between projects that are "developer driven" and those that are "community driven."
He recommended at least a $20 million project before pulling the trigger on a TIF. But he said an initial smaller project in a TIF district can lead to much additional development.
At the Tubman site at the former housing development, he said the district might be a block in all directions, or it could stretch as far as Glass Street.
Mr. Wood said cities can spur development using TIFs without having to dip into their general funds or capital budgets.