ATLANTA — The Atlanta Auditor’s Office released a report saying that while progress was made by Invest Atlanta to ensure accountability and oversight of public funds for development projects, more was needed.
The auditor said Invest Atlanta is in need of more transparency and accountability.
Invest Atlanta has what it calls “halo areas” for each of the Tax Allocation Districts.
Those collections are used for redevelopment and investment.
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What’s in the auditor’s report?
According to the auditor’s office, where the TADs are positioned makes it hard to distinguish any impacts from the organization.
The auditor’s office said the halos cover about half of Atlanta’s property value.
While Invest Atlanta said districts in the halo areas saw increased property values, the auditor’s analysis showed it was “a much smaller potential halo effect” than Invest Atlanta reported to the city.
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What’s the TAD situation in Atlanta?
State law currently prevents Atlanta from creating new districts because the value of the TADs is higher than 10% of the city’s taxable assessed property values, the auditor’s office said.
Of the city’s 10 TADs, eight remain active. The two that closed are Atlantic Station and Princeton Lakes.
The plan for TADs was to close them when the bulk of the redevelopment work was complete, but in 2025, Mayor Andre Dickens announced plans for a $5.5 billion investment in Atlanta neighborhoods.
To make that happen, he suggested renewing or extending six of the city’s TADs to address what he called Atlanta’s “Tale of Two Cities.”
How close are Atlanta TADs to extension?
While many officials in the city have come out in support of the plan, not all Atlantans support them.
The version getting ready for a vote in the Atlanta City Council has some additional restrictions, but could be approved as soon as Monday.
Among changes introduced to the plan at a Wednesday Finance Committee meeting was approval that future bond activity or tax changes would need also need support from the Fulton County Commission or Atlanta Public Schools to move forward.
The Atlanta City Council hasn’t finished the process to approve or reject the extensions of the TADs. A final vote is scheduled for June 15.
What did the auditor recommend?
Going forward, the auditor’s office said Invest Atlanta should change how it reports on funding and activities and how they tie in to redevelopment goals in order to increase transparency and accountability.
Regardless of the extensions, which Dickens proposed extending to 2055, the auditor’s office said Invest Atlanta should:
- Prepare updated redevelopment plans with specific, measurable goals and time-bound metrics for success and completion
- Include a school system impact analysis as required by state law
- Require third-party consultants to track the progress of assessments and ensure that projects are meeting the timelines and goals
- Consolidate its reporting framework so TAD expenses are linked to specific projects, goals, outcomes, and budget performance every year
The organization responded to the recommendations, saying it agreed and would begin steps to implement them.
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