Developers and school district back Smithville Holdings CID, redevelopment plan; developer seeks 10-year pilot within 27-year statutory window

The Board opened and heard two linked public hearings for Smithville Holdings LLC: a Community Improvement District (CID) petition and a Chapter 353 redevelopment plan for a single parcel and building. Megan Miller of Gilmore and Bell told the board the petition met statutory notice requirements and described the CID’s funding tools, including a proposed 1% sales tax to fund improvements.

Megan Miller also explained Chapter 353 mechanics and said the state statute allows up to 25 years of abatement but that the CID/URC tools could support a 27‑year district duration; however, developers proposed limiting pilot payments to 10 years in the amended redevelopment plan. "This CID in particular is 1 parcel, 1 building," Miller said, and the petition included a blight study and exhibits supporting a finding of blight.

A Central School District representative told the board the district supports the redevelopment, citing a projected 28% increase in assessed valuation when renovations are complete and a negotiated 4% biannual increase in the pilot schedule that provided budget certainty for the district.

Kurt Peterson, speaking for Smithville Holdings, summarized the developer’s rationale: redevelopment is difficult and costly but can raise the tax base, improve corridor aesthetics, add business space and create jobs. Peterson estimated renovation and reconstruction costs of about $696,825 for the project and said the developer had named an initial board for the CID with the mayor appointing successors with board consent.

Council did not finalize the redevelopment plan at this meeting; the record shows the board set a second public hearing and a second reading for the redevelopment plan for the next meeting.