Paragraph IV. - Tax allocation; regional facilities.
Latest version.
As used in this paragraph, the term "regional facilities" means industrial parks,
business parks, conference centers, convention centers, airports, athletic facilities,
recreation facilities, jails or correctional facilities or other similar or related
economic development parks, centers or facilities or any combination thereof. Notwithstanding
any other provision of this constitution, a county or municipality is authorized to
enter into contracts with: (1) any county which is contiguous to such county or the
county in which such municipality is located; (2) any municipality located in such
a contiguous county or the same county; or (3) any combination thereof. Any such contract
may be for the purpose of allocating the proceeds of ad valorem taxes assessed and
collected on real property located in such county or municipality with such other
counties or municipalities with which the assessing county or municipality has entered
into agreements for the development of one or more regional facilities and the allocation
of other revenues generated from such regional facilities. Any such regional facility
may be publicly or privately initiated. The allocation of such tax proceeds and other
revenues shall be determined by contract between the affected local governments. Such
contract shall provide for the manner of development, operation, and management of
the regional facility and the sharing of expenses among the contracting local governments
and shall specify the percentage of ad valorem taxes and other revenues to be allocated
and the method of allocation to each contracting local government. Unless otherwise
provided by law, such a regional facility will qualify for the greatest dollar amount
of income tax credits which may be provided for by general law for any of the counties
or municipalities which have entered into an agreement for the development of the
regional facility, regardless of the county or municipality in which the business
is physically located. The authority granted to counties and municipalities un der
this paragraph shall be subject to any conditions, limitations, and restrictions which
may be imposed by general law.
(1994 Ga. Laws, page 2025, § 1)
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