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Floyd County Commission votes to participate in NOVA TAD

Monday, January 11, 2023–3:37 p.m.

David Crowder, WRGA News

An artist rendering of some of the housing units proposed for the River District

The Floyd County Commission voted Tuesday to participate in Tax Allocation District funding for the NOVA development in the River District.

CRE Impact is asking for $14 million in TAD funding over the next 13 years. The development, which has been in the works since 2019, will include 242 multi-family housing units, commercial space, a two-acre community park and a proposed tie-in to the trail system.

Commissioner Wright Bagby made the motion.

I think it goes without saying that we totally support this project–we think it’s a great project,” Bagby said. “It’s one of the biggest things we’ve ever had happen in our downtown area and we fully intend to support it in every way we can and we hope to see a start immediately. My motion would be for our participation to be 15% of the TAD request not to exceed $2.2 million.”

The city commission approved the TAD during their December 19 meeting.

The development will be located adjacent to the Courtyard by Marriot on West Third Street.