Citizen Times: Asheville Innovation Districts

Article Highlights
  • 'Innovation District' is another name for "Municipal Service District"; it just sounds nicer
  • Approved by the City Council in October 2014
  • Municipal Service Districts are: Charlotte Street, South Slope and River Arts District
  • Benefits: Gives better borrowing rates for the City
  • Cons: City can also levy additional property taxes
  • Two residential property owners in River Arts District dispute being included
  • Charlotte Street Pub does not want to be included and held responsible for the $3.5 million the City plans to borrow

Citizen Times / October 14, 2014
Asheville Council approves three ‘Innovation Districts’

Three areas of the city likely will get a significant boost in infrastructure and other improvements under a motion City Council passed Tuesday.

The seven-member board unanimously approved the creation of three Municipal Service Districts, or “innovation districts,” a move that allows the city to raise funds for improvements through special obligation bonds. The districts include the South Slope, an area bordering downtown; a 1-mile corridor along Charlotte Street north of Interstate 240; and the River Arts District.

The program gives the city favorable borrowing rates for projects. While an MSD is a special taxing district in which a city may levy additional property taxes, several city council members stressed they have no plans to institute additional taxes.

Click here to read full article

No comments:

Post a Comment