The expansion adds more than $44 million in assessed value. The new boundaries extend down LaVista and Henderson Mill roads and Northlake Parkway through the Northlake shopping district and the Montreal industrial corridor.
“We exceeded our expansion goals,” said improvement district President Ann Rosenthal.
“This new footprint will allow us to more rapidly revitalize this area so that it can be an economic bridge on the east side.”
The improvement district formed only last year, but in that short time, the group has already improved the I-285-LaVista Road gateway project.
With the annexation of the Northlake commercial districts, two board seats will become open in early July in time to begin work on a master plan for revitalization.
“We want to extend our appreciation to Michael Paris, president of the Council on Quality Growth, Tad Leithead, chairman of the Cumberland CID, Chris Owens of Lowe Engineering and Doug Stoner, managing director of the Development Authority of DeKalb County, who took the time to talk to Northlake property owners about the benefits of the CID,” said Rosenthal.
“We also want to recognize David Marvin, president of Legacy Property Group who hosted our lunch and learn event at the Doubletree Hotel.”
There are 18 community improvement districts in metro Atlanta. Improvement districts are public-private partnerships that allow commercial districts to self-fund major infrastructure, security, transportation and quality-of-life improvements through a special tax paid only by the non-residential, commercial property owners within the district.
These funds are further leverage for multi-million dollar state and federal grants applied to massive re-engineering projects.
Funds raised by improvement districts remain in the districts and use of those funds is determined by the improvement district board of directors elected from the consenting commercial property owners.
Representatives of the cities and counties where improvement districts are formed also sit on the boards.