Photo courtesy of www.pedbikeiamges.org
/ Dan Burden
In order to focus limited resources, a municipality may wish
to identify specific areas in its community that are in particular
need of business marketing or physical improvements, such as water
and sewer improvements, sidewalks, street trees, landscaping,
or new street lights.
One way to fund business promotion and infrastructure improvements
in a specific area is through creation of a Local Improvement
District. A Local Improvement District is a special assessment
district which covers the area benefiting from the capital improvements,
and which allows a municipality to issue bonds to finance the
costs of the improvements over a period of time. A local example
of a Local Improvement District is the Ithaca Downtown Partnership
which was formed in 1996 to help market and promote the Commons
and downtown area of the City of Ithaca.