Doug Walker, Oct. 14, 2016
Local developers of a proposed upscale apartment complex next to State Mutual Stadium are asking the city of Rome for financial assistance through tax allocation district status.
Wright Ledbetter and Charles Williams discussed the issue with the Rome Redevelopment Committee on Thursday, seeking a tax break of $3.6 million over 10 years to make the project financially feasible.
The project will be formally pitched to the independent Rome Redevelopment Agency, which is expected to make a formal recommendation to the city and county commissions. Approval from both commissions would be needed to make the project feasible, developers said. Under a TAD, a baseline for taxes on a property would be established before it is developed. As the development moves forward, taxes would increase incrementally and a portion of the annual increase would be returned to the developer over a specified number of years. “Our total costs that we project right now are $19.16 million. This results in a feasibility gap greater than $3.6 million,” Ledbetter said.
Under a TAD, a baseline or taxes on a property could be established before it is developed. As he development moves forward, taxes would increase incrementally and portion of the annual increase would be returned o the developer over a specified number of years.
“Our total costs that we project right now are 19.16 million. This results in a feasibility gap greater than $3.6 million,” Ledbetter said.
Williams said the apartments would provide a foundation for growth in the area surrounding State Mutual Stadium. He said the apartments, which would rent for an average of $1,050 a month, would be a “change maker” and “economic catalyst for that area.”
Doc Kibler, who along with Dee Yancey is selling the 6.29 acres to the developers, said the property was initially bought a decade ago.
Williams said if the TAD were approved he would hope to break ground in late December or January 2017.
In other news, the committee agreed to put out a new request for proposals for development of the 2.2-acre tract just to the north of the Courtyard by Marriott being built on West Third Street.
Rome businessman David Doss had hoped to build a condominium there, but his option for that property expired last December.
City Manager Sammy Rich said the request for proposals could be back by the end of the year.