What is a Special Improvement District?
A Special Improvement District (SID) is a private, not-for-profit
organization established under state law. A SID is a mechanism
through which downtown property owners assess themselves
to provide funding for extended services aimed at the economic
enhancement of the area. The need for such services has arisen
as traditional U.S. cities have faced competition from shopping
malls, out-of-town business/shopping centers and other new
business districts.
The experience of more than 1,000 existing SIDs throughout
the United States has demonstrated the effectiveness of
this mechanism in addressing the present economic and social
challenges of urban development.
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Why was the SID formed
in downtown Akron?
Over the last few decades, downtown Akron suffered decline
as a result of the nation-wide trend of the outflow of
business and residential development from the city into
suburbs and malls. The first SID was established in 2000
and was again renewed in 2005.
The Mary Means Report of 1994 sponsored by the City of
Akron and Akron Tomorrow identified the need for a private,
non-profit organization to work with business and government
to create and maintain a vital downtown. The Report emphasized
the need for private sector participation in downtown management
and marketing. The city and local business leaders agreed
that employing the increasingly popular and time-proven
mechanism of a SID in downtown Akron will best address
the unique needs of the downtown community.
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Who pays for it?
The improvement activities of the SID is financed
by assessment of downtown property owners.
The assessment is based on the combination of the
front footage and assessed valuation of the property. This
combination approach was chosen because it is fair to everyone.
For example, while a parking lot may have a sizeable front
footage, it is not fair to assess it the same way that
a corporate headquarters with the same front footage is
assessed.
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What properties are included?
Assessments are levied, and all the services will be
provided within the approved borders of the SID. The
proposed SID encompasses a large area of downtown
of about 42 blocks containing approximately 489 properties.
The area is roughly bound by Ridge St. on the north,
N. High St., Summit St. and the CSX railroad tracks on
the east, Selle St. on the south, and W. Bowery St. and
Dart Ave. on the west. To
view Boundry Map click here.
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Who controls the SID?
The SID is governed by a seven-member Board of Trustees.
To ensure the effective collaboration of all involved
and a healthy balance of interests, the Board will include
five property owners and two city representatives (one
designated by the Mayor, and one designated by City Council).
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What kinds of programs
does SID fund?
Improvement programs and services funded by the SID has
been developed and provided according to the SID Services
Plan approved by the Board of Trustees. The Services
Plan is designed to effectively meet the unique
improvement needs of downtown Akron.
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Isn't that what my property taxes are already
paying for?
No. SIDs are designed to boost and reinforce economic enhancement
of downtown areas by providing a range of focused services
customized to local needs in addition to standard municipal
services.
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What is the return on
this investment?
The returns on this investment are high. Through the SID,
the Downtown Akron Partnership concentrates
on long-term development, as well as short-term goals.
Among other results of the SID improvement activities,
property owners will see:
- a safe, clean and secure downtown environment
- increased property values
- increased occupancy rates in downtown buildings
- ongoing, coordinated marketing programs
- larger downtown employee base—more customers
- continuity in capital projects and future development
- well-coordinated special events
- a consistent and positive image of downtown
- an organization in place to concentrate on long-term
development,
as well as on short-term goals.
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How did the SID get established?
A petition was approved and signed by owners at least 60
percent of the total district's property front footage.
It was approved by the Mayor and City Council in 2000
and 2005.
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Can the SID be disbanded?
Yes. Should the SID fail to meet the expectations of downtown
property owners, they can disband the District upon a
request signed by owners of 50 percent of the total district's
property front footage.
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Who do I contact for more information?
Downtown Akron Partnership Contact Us
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