Proposed Workforce & Residential Infrastructure Districts (WRIDs) for Georgia
What is a Workforce & Residential Infrastructure Districts (WRIDs)?
Workforce & Residential Infrastructure Districts (WRIDs) are public infrastructure financing tools, based off a similar model that proved successful in the state of Florida.
- Special purpose unit of government, with limited powers
- Power to finance public infrastructure
- Power to maintain public infrastructure
- Power to finance public infrastructure
- Created by ordinance of the city/county where the WRID is located
- WRID governing board elected by the WRID’s landowners
- Do not have the power to adopt comprehensive plans, building codes or land development codes – it is not a zoning or planning authority
- Cannot take any action which is inconsistent with the comprehensive plans, ordinances and regulations of the applicable city/county
Why Does Georgia Need This?
Georgia is facing immense infrastructure needs due to the increasing number of available jobs within the state. These infrastructure needs aren’t just specifically industrial and commercial, but also include a high demand for more residential communities.
- Expanded public infrastructure needed to support development and investment
- WRIDs are a proven and effective tool to meet public infrastructure needs
WRID-Type Financing: Working Across the Nation
Florida has led the charge for successful implementation of this tool for its infrastructure development – with 950 WRIDs located across the state.
Other surrounding states which are utilizing WRID-type financing include Alabama, South Carolina, Texas, Louisiana, Mississippi, and North Carolina.
What are the Benefits to Homebuyers?
Accessibility
WRIDs will help create the drastically needed supply in residential housing
Livability
Lower financing costs allow enhanced infrastructure and amenities
Stability
WRID revenues and operations are more stable than private alternatives (HOAs), helping ensure infrastructure maintenance and stable, long-term property values
Transparency & Accountability
WRIDs comply with open meeting, competitive bidding, and other transparency and accountability requirements applicable to public entities
What are the Benefits to Cities & Counties?
- Successful tool for basic public infrastructure development
- New development pays for itself – costs are born by the community within the WRID
- Debt secured only by the property in the WRID – not a liability for city, county, or state
- Excellent long-term operation and maintenance entity
- WRID assessment collected on the tax roll provides more stable funding, versus HOA
- WRID responsible for maintenance, not the city or county
