Community Improvement District for Riverside?

[thelakelander]

I noticed this in today's JBJ article about projects in Brooklyn and Riverside possibly spurring the revitalization of DT Jax.

Can these projects in Riverside, Brooklyn spur Downtown revitalization?...

...Hallmark's principals are working with their legal counsel on drafting legislation that would create a community improvement district in Riverside, which would allow a portion of property taxes in that district to be spent on projects in that neighborhood, instead of going into the city's general fund.

One of the most logical uses for that money, Coley said, would be extending the RiverWalk from Memorial Park to EverBank Field, strengthening the connection between Riverside and rest of the core city.

full article: http://www.bizjournals.com/jacksonville/blog/2013/08/riverside-activity.html

I know Coley mentions extending the riverwalk but this is also a good method to improve transit connectivity between Five Points and Downtown.  If you're looking to really kick redevelopment and infill into overdrive, a high frequency fixed transit link is about the best way to accomplish that goal.

[dougskiles]

This sounds like a Business Improvement District (BID) similar to what DVI is.  I like the idea.

Love said the community improvement district discussion is in very early stages.

"Selling that to other city council members, that's going to be the challenge," Love said. "And if they don't go for it, it doesn't happen."

I don't believe selling it to the other council members will be as hard as selling it to the existing land owners.  If it is a BID, it will involve an increase in property taxes for everyone in the area with that money going to the BID for improvements.  It wouldn't be like a TIF (Tax Increment Finance) District that takes the increase tax revenues away from the general city fund.  That would be a very hard sell right now.

The big issue with the BID becomes, who directs it?  RAP?  Five Points Merchants Association?  An entirely new board?

I am anxious to watch the progress of this effort, because several of us in San Marco have dreamed of doing the same.  (dreamed - no serious plans...)

[CityLife]

I may be wrong, but it sounds like they are trying to create the CID to capture a portion of existing property taxes in Riverside and ensure that they are used specifically for projects in that area (instead of going all over the city). Which could be done without having a tax increase like a BID, or capture of future value like a TIF.  If what I just said is right, they would likely capture a pre-determined perecentage of millage paid by property owners in a defined area and then have some entity manage it. Who manages it and determines where the money goes is a good question. Probably not an easy sell to council either.

This is a great way for a neighborhood that has a disproprotionate ratio of taxes paid to services rendered, to ensure that some tax dollars remain in the area. I've been saying for a few years now that all the in town neighborhoods should do something like this.

[dougskiles]

^That would be a dream come true for any neighborhood.  But, are there any examples in the state of Florida where such a district has been created?

My research keeps leading me back to a TIF and a BID, or other special assessment districts where property owners agree to pay a little extra to do extra things.  Other than a TIF, I am not aware of any districts that capture value without an increase.  And even a TIF requires a future increase in tax revenue for any money to be collected.