From the Indianapolis Star:
A proposal to create an economic improvement district in Fountain Square won approval 7-1 tonight from a City-County Council committee.
The district, if approved by the full council June 10, would require owners of nonresidential property to pay a tax funding beautification efforts, neighborhood promotion and improvements intended to boost business. Commercial and tax-exempt property owners would pay different rates based on the length of each parcel’s street frontage.
Supporters estimate the tax district would bring in up to $54,000 a year, with the city agreeing to match the total dollar-for-dollar in a separate fund.
The Metropolitan and Economic Development Committee amended the proposal to specify that after five years, the council would consider renewing the taxing district after reviewing the recommendation of property owners. Affected owners would vote at a meeting convened by the new Fountain Square Economic Improvement Board.
http://www.indystar.com/apps/pbcs.dll/article?AID=2013305200081
