An agreement for the city of Statesboro to reimburse landowners up to $4.75 million for infrastructure improvements — such as road construction — in the Old Register Road Tax Allocation District has been added to City Council's 5:30 p.m. Tuesday agenda.
The purpose of the TAD is to use growth in property tax revenue generated by new private development in the district, which will include the planned Tormenta FC soccer stadium and proposed new businesses, to fund improvements to public infrastructure there.
But it is the property owners, not the city, who will have contractors do the road work, including widening a section of Old Register Road to five lanes and building a new street called Tormenta Way.
Tuesday's proposed development agreement would have the city issue TAD bonds or make other financing arrangements to reimburse the landowners when they deed the new and improved roads to the city.
This item was added in a revised agenda the city issued Monday after the Herald reported other agenda items over the weekend.