Local Impact for a CID
The legislation for the creation of a CID allows for significant local flexibility to design a district both geographically and ideologically to meet the community goals. There are 20 CIDs in Georgia at this time, and each one has a unique focus and level of local impact.
There is not a right or wrong design for a CID: size, scope, budget, or specific focus of projects. The essential element is to carefully plan the process to ensure the design fits the consenus of goals. Evaluate the positive aspects of other CIDs that can be implemented for your community and recognize the local control that can mitigate aspects that would not be right for your prospective CID.
Consider the current condition of economic development and the business community inside CIDs with that of areas away from a CID. Take into account how long a CID has been in existence and the size and scope for financial impact. The ideal time to form a CID is before the area begins to experience decline, before traffic issues become an impediment to business. Earliear planning and preparation is always advisable over a wait and see approach.
The state average is a 10-1 ROI per dollar invested by CID property owners. This results in leveraging the total amount paid for all commercial property taxes to be spent inside the boundaries of the CID and gives the property owner direct influence over how the funds are spent. This concept has allowed for signficant improvements in infrastucture, traffic control, safety and general aesthetic enhancements to reverse the natural decline of targeted areas with the primary focus being the business and economic value to the property and business owner.
Unlike city and county government, the CID board is appointed and directed by the commercial property owners. This results in a strong benefit for residents in the area, as well. All the factors that benefit the property owner are intrinsically beneficial to local residents. Further, it allows for targeted investment without taking away from the focus of consituent services of the local governments.
As the succress of CIDs becomes more understood, commercial investors are beginning to seek out investments in existing and newly forming CIDs; knowing the value that this commitment to long-term improvements has for their investment. Many CIDs work closely with their owners and commercial brokers to provide property availability on their websites.
The Formation Process
The concept of the CID is not in question. Their validation and success across the State is evident. Proper preparation and understanding is crucial to a positive and smooth formation.
Skyline Strategy recommends to begin with a feasibility study for the prospective CID. This study will complete the Concept and Scope Development portion described in the Steps to Initiate Formation.
Taking the time and effort to effectively investigate and establish the foundation of the formation is the best investment into the success of the creation of a CID.
Working with recommended individuals, we will validate the feasibility of said CID, including but not limited to assessing the recommended geographic area, potential property valuation, and proposed annual CID income. Local owners, governing authorities and residences resist the impression that a CID has been rushed to formation or that appropriate input and buy-in has been neglected.
Results will be presented in an Executive Summary, printed and electronic format. This Summary will be appropriate for presentation to the County Commission to petition for required local resolution, as well as for prospective investors, including development authorities, chambers of commerce, civic groups and private property owners.
Concept and Scope with Executive Summary
Legal Consent Process
Establish Board and official formation
The Active CID may begin seeking funds, grants and projects
Funds received following annual assessment (Fall)