What is a CID?
CID stands for Community Improvement District, and is comprised of self-taxing business owners of private commercial properties zoned as office/industrial and retail properties that use the additional property tax dollars to improve infrastructure, security and curb appeal.
What is the purpose of a CID?
To increase property values and member business volume.
How is a Community Improvement District established?
A CID is created by a vote by a majority of the corporate property owners in the defined district through state enabled legislation. It takes the agreement of a simple majority of the commercial property owners within the district to create a Community Improvement District. It is a requirement that the simple majority of owners represent at least 75% of the taxable value 50% of the properties of the commercial property located within the proposed CID.
How is money raised to fund a Community Improvement District?
Funding for a CID comes from a self-imposed and self-regulated ad valorem real estate tax on commercial properties within the district. The tax consists of additional mills being paid by the commercial property owners. A mill is equal to 1/10th of 1% of the assessed value of the property. Since CIDs are controlled by private property owners and not their respective counties, the property owners, through a Board of Directors, decide how to spend the funds.