- June 16, 2021
- Posted by: Stratford Team
- Category: Business
Fort Smith’s Central Business Improvement District commissioners have begun work getting signatures on a petition for property assessment for operation, maintenance and repair and improvements within the CBID – primarily in downtown Fort Smith.
The CBID board has worked toward a property assessment for almost two years. The board voted in August 2019 to pursue an assessment on downtown business. At the time Bill Hanna, CBID board chair, said the Fort Smith CBID is one of the few in the state not funded by an assessment.
According to state law, there are two types of assessments that can be levied against real property inside a city’s improvement district – a project/improvement-specific assessment, levied to fund a “specific ‘plan of improvement,’” or a supplemental annual assessment to be used for ongoing operations or maintenance activities, said Deputy City Administrator Jeff Dingman. Before an assessment can be levied,…
