Columbus Board of Realtors Downtown Columbus
CBR HomeCalendarMLSNews & InformationMember ServicesAbout CBRConsumersHelp

Wednesday, 12/03/08 4:02 PM




News & Information : In Contract Magazine : July/August 2005 : Living Downtown Columbus : What is a SID?

What is a SID?


What is a SID?

A Special Improvement District (SID) is a self-help tool that allows property owners in a self-defined district to organize and assess themselves the cost of providing area-wide services. If owners representing 60% of the front footage along public streets agree to create a SID and provide services, then all private property owners in the district are required to contribute a fair share of the cost.

SIDs provide a mechanism for property owners in central business districts to pool resources and engage in collective efforts. They allow owners to develop management services similar to those found in shopping centers and office parks.

SIDs can fund a wide variety of district-wide services, including promotions, sidewalk cleaning, supplemental security, leasing assistance, commercial marketing and recruitment, and capital improvements, to name a few. Money collected by a SID is placed into a private bank account controlled by a non-profit board of trustees made up of property owners.

SID service plans are typically funded for five years, after which the SID must ask property owners for reauthorization. SID capital improvement plans are typically funded for ten or more years. Periodical reauthorization results in a high degree of accountability and encourages SIDs to measure performance and quantify results.

Capital Crossroads SID

The Capital Crossroads Special Improvement District of Columbus, Inc.began operations on January 1, 2002 with an intent to provide centralized commercial management services in a 25-square-block area of downtown Columbus.

Property owners within the district are assessed and required to pay a total of $1.2 million per year for five years, beginning in 2002. The district also receives voluntary contributions totaling more than $600,000 per year from Capitol South, the City of Columbus, Central Ohio Transit Authority, General Services Administration, Franklin County, Franklin County Convention Facilities Authority, and sponsorships.

Capital Crossroads is controlled by a board of trustees comprised of property owners and managers. Fifteen trustees are elected by the property owners of parcels located within the District. The Ohio Revised Code also requires the City of Columbus to appoint a voting trustee. Two non-voting, ex-officio trustees also serve on the board.

The District is established to provide area-wide services, including the following:

  1. Environmental maintenance. Services that make the District cleaner and control litter on publicly-owned sidewalks and publicly-owned connecting pedestrian spaces, including High Street pocket parks at intersecting alleys, dedicated pedestrian alleys, and skywalk interiors.
  2. Visual amenities. Installation of amenities that make the District more visually appealing and interesting; for example, landscaping, public art, water features, lighting, and audio features.
  3. Supplemental security. Services that make the District safer and improve perceptions of safety; for example, community "ambassador" services for the general public to provide directions, assistance, general information, and hospitality.
  4. Promotions and marketing. Services to improve the image of the District, increase consumer traffic, and generate interest in leasing commercial space.
  5. Member services. Services and information designed to increase appreciation for downtown, strengthen the cohesiveness of the District, and improve communication among members of the District and governmental or quasi-governmental agencies.

Discovery SID

Property owners in the eastern part of Downtown have completed a petition drive to create the Discovery Special Improvement District. Columbus City Council will soon consider an ordinance to allow incorporation of the Discovery SID. Once this ordinance is approved, property owners in the Discovery SID will incorporate and elect a board of trustees.

The Discovery SID board of trustees will then approve a plan for services. This plan will be circulated during the fourth quarter of 2005 in a second petition to property owners within the Discovery SID. If owners representing at least 60% of the front feet along public streets and alleys sign petitions to fund the plan for services, the Discovery SID will begin providing services in 2007.



 

[Home] [Calendar] [MLS] [News & Information] [Member Services] [About CBR] [Consumers] [Help]

REALTOR® - A registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics. For questions or comments about this site, please email us.