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Inspiration Card
Financing Options |
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F15 Special assessment district (SAD)
A designated district, whose constituents accept a fee on the full value of a property in return for a specific public improvement that could include NBS. SAD could be established as part of an on-going project, in case the financing provided by the local authority is not sufficient and if the benefits to the local property owners are well-understood. SAD expands the available capital budget and aligns incentives of payees and beneficiaries. The fees are tied to existing rather than anticipated or future development.
The Capital crossroads district in Ohio has been improved with the help of financing through SAD. The district covers 360 acres of downtown Columbus, Ohio. The budget is set forth based on the estimated costs for the agreed-upon services, and the assessment is calculated based on property values and front footage in order to meet the budget. Services provided by the district include beautification, trash and graffiti removal, anti-panhandling, homeless outreach, safety patrols, and an umbrella service - among other things. Since 2006, the district has helped foster $2 billion in investments and $548 million in construction projects