By Ashley Rader
The Downtown Business Association will hold a special meeting on March 26 to share information on a proposed business improvement district with property owners in the downtown historic district.
A business improvement district would create a fund to be used by property owners in the downtown district by collecting an additional property tax on those properties. An improvement district can be created if three-quarters of the property owners in the proposed area sign a petition requesting the district, or by City Council passing a resolution forming the BID.
During the meeting, which will begin at 6:30 p.m. at the Coffee Company, Director of Planning and Development Jon Hartman will share a presentation on the business improvement district.
If the district is formed, the fund would be managed by a board of assessment and the city, or by a district management corporation. If the board is chosen, the board sets the property assessment rate and the city makes all the improvements. If the corporation is chosen, the city along with the corporation set the rate and the corporation has the power to make decisions for the funds.
Funds raised by the BID can be used for buying, leasing, construction or maintaining property and parking facilities. It can also be used for advertising, business or residential recruitment, contracting with professional services or aesthetic improvements.