East Metro CID officially formed
5/16/2014, 6:53 p.m.
The East Metro DeKalb Community Improvement District is officially on its way.
The DeKalb Board of Commissioners unanimously passed a resolution May 13 to form the East Metro DeKalb CID.
The proposed CID covers 39 square miles with 203 property owners with more than 400 parcels of commercial and industrial property valued at over $146 million.
In a Community Improvement District, commercial property owners tax themselves 2 to 5 mills annually to improve infrastructure, transportation, public safety and beautification. With those funds, the CID can leverage up to 10 times more in funding from local, state and federal governments.
Interim DeKalb CEO Lee May said he was pleased with the East Metro CID formation.
“We have been working for this outcome for a long time,” May said. “I am ecstatic about the East Metro DeKalb CID and economic progress it will introduce to this area.”
Organizers say the CID will be a powerful public-private partnership leveraging matching dollars from local, state and federal government agencies, helping to increase property values, reviving businesses, creating jobs and enhancing the overall quality of life in southeastern DeKalb. Funds generated by the self-taxing district will be earmarked for major improvement projects such as infrastructure, transportation, public safety and beautification.
Van Jakes, who owns multiple McDonald’s restaurants within the CID, called it a positive step for South DeKalb.
“Once I heard about the CID concept, I knew this was the tool the area needed to foster economic development and growth,” he said.
For more information, visit www.eastmetrocid.com or call 404-684-7031.