Why would the RAD also be an MSD and have SOBs with increased TAX? No, we're not talking about greedy developers.
As of October 2014, the City of Asheville together with the AARRC rezoned the entire River Arts District (RAD) as a Municipal Service District (MSD). Now, Esther Manheimer and the City Council, have created a much friendly name for it: Innovation District. That sounds a lot better than the truth.
Why did they rezone as an MSD?
An MSD allows for SOBS - special obligation bonds. Why does this matter? Special obligation bonds are not considered the same type of debt and therefore do not require public vote. This is apparently how the AARRC plans to fund this massive project. By indebting the City to the tune of millions without a public vote.
Increase in TAXES
In addition, the City of Asheville may levy ADDITIONAL taxes in addition to those already levied throughout the City. Although it has been stated by Asheville City officials that this is not planned, it is possible and will probably be inevitable once the City has indebted itself for this project.