Attachment number 2 \nPage 2

TAD 4 Resolution References to Including LOST Funds

WHEREAS, it is in the public interest of Augusta-Richmond County that the Redevelopment Powers Law be exercised to improve economic and social conditions of the Downtown Redevelopment Area in order to abate or eliminate deleterious effects of its current depressed and underutilized state; and WHEREAS, the Augusta Richmond County Commission finds that the Augusta Downtown Redevelopment Area has not attracted significant private investment for office, industrial, or other commercial or recreational uses; and WHEREAS, the Augusta Richmond County Commission finds that the Augusta Downtown Redevelopment Area holds a substantial number of underutilized properties with aged, deteriorating, poorly maintained and low-value structure; vacant and/or underutilized properties; poorly sited surface parking and other low-end uses that are less desirable now than if redeveloped; obsolete housing and commercial buildings; defective, obsolete and inadequate street layout; aging and poorly designed transportation infrastructure; and obtrusive utilities that are obstacles to redevelopment; and WHEREAS, the Augusta Richmond County Commission finds that the Augusta Downtown Redevelopment Area qualifies as a Redevelopment Area under O.CG.A. 3644-3(7(B)(C); and WHEREAS, adoption of the Augusta-Richmond County Redevelopment Plan and creation of Tax Allocation District Number Four - Downtown is necessary to redevelop and revitalize this area through the use of targeted financing and public/private partnerships; and WHEREAS, it is in the public interest of Augusta-Richmond County that the Redevelopment Powers Law be exercised to improve the physical and economic decline of the Downtown Redevelopment Area in order to remedy the detrimental effects of its current depressed and underutilized state; and WHEREAS, a Redevelopment Plan has been prepared for the Downtown Redevelopment Area in accordance with O.CG.A. 36-44-3(9), including to specifically:
determine that positive tax increments deposited in the Downtown TAD special fund will be insufficient to pay principal and interest on bonds or other financing instrument to be issued to finance redevelopment costs for the redevelopment described in the redevelopment plan; and identify the property proposed to be pledged for payment or security for payment of tax allocation bonds which property includes positive tax allocation increments derived from the Downtown TAD, as well as all or part of general funds that are related to local option sales taxes collected within the Downtown TAD; and

Item # 4