Some Riverside Village property owners will be paying a fee as part of their taxes this year, making up the difference between projected and actual city revenue.
North Augusta City Council passed a resolution Monday allowing the collection of fees on properties in Riverside Village as part of the Municipal Improvement District.
Collections authorized by the resolution total $1,183,326.87. That total is made up of the difference between projected tax revenues from the financial model and real property taxes to be collected. That number is for the 2019-2020 assessment year.
“There were amounts that were agreed to during the Master Development Agreement process that led up to us borrowing the bonds for Riverside Village project, and if the properties down there are not meeting the targets that were agreed to, the (Municipal Improvement District) fee comes in and covers the difference in that,” said Cammie Hayes, the city’s finance director.
The Municipal Improvement District is the area bounded by the Savannah River, Georgia Avenue, the brick ponds and Hammond’s Ferry.
The Municipal Improvement District fee is levied on properties that don’t meet the property tax revenue target. Sixteen total annual payments, to be levied as MID fees, are included on a per-parcel breakdown in the report.
The property where Crowne Plaza North Augusta sits, will have a MID fee of $364,547.76 added to the tax bill. That parcel is owned by Ackerman Greenstone North Augusta LLC, according to online Aiken County property records.
Next door, owners of the Ironwood Apartments property won't pay a MID fee this year, as their projected revenues and actual property tax are equal numbers. That parcel is owned by Graybul Ironwood LLC, according to online property records.
Hayes described the resolution to City Council members as “the annual report and roll that Council will be presented by our (Municipal Improvement District) consultant on an annual basis.”
“It discusses the properties that are in the Municipal Improvement District and the assessment of an annual payment, or what we refer to as MID fee, to each property that is not meeting its property tax revenue target,” she said.
The resolution passed 6-0, with Council member Bob Brooks not present.
Riverside Village is a development along the Savannah River in North Augusta that includes the SRP Park baseball stadium, a variety of eateries, Crowne Plaza hotel and apartment living.