GAINESVILLE - The Gainesville Board of Education Monday night approved an amended Tax Allocation District (TAD) with the City of Gainesville.
Attorneys for the School Board and the City had crafted an amended agreement that would do the following:
*ensure that the BOE could review the agreement every 5 years to decide on continued participation;
*have increased representation on the TAD Advisory Committee;
*provide that no tax money from this budget year would be included in the TAD;
*provide that the TAD Increment would begin Jan. 1 2010;
*and, place a limit on residential development within the TAD.
Board members discussed the pros and cons of the TAD. The positives that were noted included:
*improvement of the mid-town corridor and improvement of the value of the area, resulting in future increased tax base;
*encouragement of future development outside of the TAD area, the â