2009 House Bill 2324 enacts the Community Improvement District (CID) Act which enables financing of certain projects through special assessments or a CID sales tax. Eligible projects include the acquisition, construction, refurbishing and equipping of buildings, utility services, transportation facilities, streetscaping, landscaping, cultural amenities, lakes, waterways and more. Projects can be funded with general or special obligation bonds, or on a pay-as-you-go basis.
CID districts can be created in one of two ways. A city or county can create a CID without notice or a public hearing upon receiving a petition signed by all landowners in the proposed district, if financing only by assessments is requested and no general obligation bonds are to be issued.
A second petition method would allow financing through special assessments and a CID sales tax, as well as general obligation bonds of the municipality. Such a petition would need to be signed by owners of more than 55% by area of land and owners collectively owning more than 55% by assessed value of the land within the proposed district. Before creation of the CID, a public hearing must be held following proper notice being published.
This legislation is effective July 1, 2009.Details