At its July 23 meeting, the Board of Aldermen approved a Community Improvement District [CID] to pay the costs of certain improvements within CID boundaries. Bill No. 20-71 to establish the CID was approved by a vote of nine in favor, with one alderman absent.
A Holiday Inn Express [HIE] is being built on approximately 3.56 acres at 50 Richmond Center Blvd. The developers are investing $9 million to build the 81-room hotel, to be staffed by 35 full-time and 10 permanent part-time employees. Site improvements costing $940,000 must be made, and the CID will cover those costs.
The legislation authorizes a special tax, assessed on users of the hotel in an amount not to exceed $5 per occupied hotel room per night. The CID also is authorized to impose additional sales taxes and use taxes at the rate of 1% on all taxable retail sales within the property.
Those hotel special assessments and additional sales and use taxes are to expire when the $940,000 is recovered, or on Dec. 31, 2050, whichever occurs first.
In general, the CID is authorized to make improvements including but not limited to pedestrian or shopping areas, lawns, trees, landscaping, meeting facilities, stormwater and sewer systems, parking lots and garages.
There were no comments made during the public hearing on this topic.