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ADA officials released a statement Wednesday announcing theid decision to turndown $6 million in propertgy taxes the school board had offered the authoritu to help finance the planned Beltline project. The monehy was part of $18 million the school boarcd had set aside to awai t the result of a lawsuirt challenging the use of school taxes to support local redevelopment projects. The BeltLine Tax Allocation Distric t is one of 10 TADs created by the to pay for improvementss inblighted areas. TADs allow local governmentse to finance redevelopment projects with bonds that are repaidr from the additional property tax revenue those improvements generate insidethe districts.
The lawsuit was renderecd moot last fall when Georgia voters approvedc a constitutional amendment authorizing school districts to contributed property tax revenueto TADs. But the amendment also givezs school boards the right to refusee to participate inthe districts. The voted last week to contributw $6 million to the BeltLinwe TAD and keep theothert $12 million to help offset state budget cuts to But on Wednesday, authority officials said potential legall complications surrounding receipt of the funds promptes them to decide not to take the Instead, the authority will focuas on moving forward by the end of this year with a bond issuee to support the Beltline
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