Business Loop CID board to discuss property tax agreement
COLUMBIA - The Business Loop Community Improvement District (CID) Board of Directors met Monday afternoon and authorized an agreement between Columbia and Boone County to collect a special tax assessment on properties in the district.
CID board member Dave Griggs, owner of Dave Griggs' Flooring America located on Business Loop 70, said the special assessment is a starting point for the CID to raise funds. He said the assessment, which is 47 cents on every $100 of assessed property value, should raise around $50,000 per year for the district.
Griggs said while the special assessment is a starting point, the CID will need sales tax funds in order to meet its goal of revitalizing the Business Loop 70 area. He said a sales tax proposal could be put on the ballot as early as August.
"There's probably a 75 percent chance (the CID) will be totally derailed" if voters do not pass a sales tax, Griggs said.
Griggs said the CID is still in its early stages and residents should not expect immediate changes to the area.
"It will probably be a year from now before the CID gets any significant funding at all," Griggs said. "It's probably three to five years before the public sees any substantial changes to the Business Loop."
The CID, officially established in April, has had controversy. On April 21, before the CID board held its first meeting, some neighbors told KOMU 8 News they felt "left out" of the process. One resident also told KOMU 8 News he opposes the idea of a sales tax to fund the district.