Proponents of a new ballpark for the Augusta GreenJackets (Low Class A; Sally League) unveiled a new financing plan calling again for a new TIF district with a lesser impact on the local school district.
In March Aiken County shot down a proposed TIF district extension for Project Jackson, a mixed-use development, with commissioners saying they were concerned with the impact on the local school district.
So North Augusta came back with a TIF plan that addressed these concerns, giving the school the chance to opt out of the district after 15 years. (Tax-increment financing uses hikes in property taxes generated to development to help finance the development.). This lessens the impact on the district. In addition, the owners of the GreenJackets are offering $2 million toward the ballpark cost, and a local hospitality tax is now part of the funding mix as well. From the Augusta Chronicle:
Glover said they can count on economic development and tax revenue to come with the new project, because the developers are already on board.
“This is now a “build it and they will come,” model,” he said. “We have the developers lined up and ready to go.”
North Augusta Mayor Lark Jones emphasized that Project Jackson was regional development that would benefit more than his city.
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