An urban renewal program that Atlanta Mayor Kasim Reed proposes to close has achieved less than half the goals that were outlined in 2005, and it has a long way to go toward fulfilling its mission as stated when it was created in 2003, city records show.
When the Eastside TAD was created, the vision was for it to spark $1.51 billion in private and public/private investments. The result has been an additional $300 million in increased property value through 2010, the latest reporting year readily available in city records.
Reed proposes to close the Eastside Tax Allocation District in order to free about $5 million a year for use in the citywide budget. Currently, this amount of property taxes can be spent only to promote development within the borders of the Eastside TAD.
