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Tax Break Tracker Individual Entry

Each individual entry is a single program reported by a single jurisdiction in a given fiscal year. Because we want to track the level and quality of disclosure as well as the content, the values below -- with the exception of program names -- are entered exactly as they are reported. See our user guide for more explanations.

StateGeorgia
Effected JurisdictionCobb County Board of Education
Jurisdiction type: School District
Fiscal year ending In2019
Program nameRevenue Bonds
Program purpose: General Economic Development
Statutory authority: Georgia Development Authorities Law, under Title 36 Chapter 62 of the Official Code of Georgia
Abating jurisdiction(s): Development Authority of Cobb County
Applicable taxesReal Property Tax; Personal Property Tax
Method of abatement: Tax Exemption
Provisions for recapture: There are provisions for recapturing some portion of the value of these incentives in the event capital investment and job creation numbers are not met during the incentive period; however, the Development Authority can immediately return title to a company for a nonperforming project, which cancels the incentive going forward.
Gross revenue loss: $2,362,087
Reimbursement / offset: $0
Net revenue loss: $2,362,087
Type of loss: Passive
Additional notes on dislosureCAFR only included abatement agreements that exceed 10.00% of the total amount abated. Because of this the report only disclosed five tax abatement agreements with a sum total of $1,910,686 and each one amounting to $269,136; $359,330; $449,518; $516,424; and $316,278. All agreements entered into by county/town/city Development Authority.
Document sourcehttps://www.cobbk12.org/page/23516/ccsd-archived-cafr-reports-management...