Polk County voters overwhelmingly said “No” to the Polk School District for their request to take out $34 million in general obligation bonds to pay for renovations and improvements.
The referendum was defeated 3,693-328, a countywide turnout of 14.92%.
The bonds would have be repaid through the addition of 1 mill to the school district’s millage rate that would remain until the bonds are repaid, which was expected to be 20 years.
The district’s millage rate was set at 14.000 mills last year by the school board for an increase of 1.618 mills over the previous rate.
Voters in Cedartown also said “No” to allowing the city to establish tax allocation districts.
A tax-allocation district (TAD), also known as tax increment financing, is a defined area where real estate property tax monies gathered above a certain threshold for a certain period of time (typically 25 years) to be used for a specified improvement. The funds raised from a TAD are placed in a tax-free bond where the money can continue to grow. These improvements are typically for revitalization and especially to complete redevelopment efforts.
The TADS were going to be used to help create a 34-acre shopping center in the area of Davis Road and the Cedartown Bypass. It would have included a major grocery store, as well as retail spaces and an outparcel for future building.
The developer had said that the construction of the shopping center was dependent on the passage of the redevelopment powers referendum.
