Columbia’s Business Loop CID sees property, sales tax growth

The Business Loop Community Improvement District, or CID, released its annual report last week.

In July, ABC 17 News got a preview of what that report would look like.

The document shows nearly $600,000 worth of new construction was completed last year, increasing property value by 12 percent.

“Two percent is normal here in Columbia, so we’re really pleased,” executive director Carrie Gartner said. “That means that there is a lot of private property owners investing in their property and that says they have a lot of confidence in the street.”

It also aligns with the CID’s top priority of beautifying an area that Gartner said hasn’t received much attention in years past.

“Our sales tax revenues were higher than we anticipated,” said Gartner. “That says that we have a very strong retail corridor. It’s been neglected for a while and it’s still strong so that bodes well for once we start making changes and start recruiting more businesses to the street.”

The Unified Development Code will serve as one way to recruit businesses.

“Some of the really interesting things that changed is that our street can now have urban farms or artisan industries, someone making furniture, a distillery, a brewery a coffee roaster,” Gartner said. “It’s all that kind of locally grown manufacturing that’s now allowed on the Business Loop. So part of the thought is how do we take advantage of that and really start attracting that kind of locally owned manufacturing here?”

As the CID moves into the next fiscal year, a breakdown of expenditures shows beautification will make up the majority of the cost:

Beautification $229,125

Program Management $47,810

Marketing $31,375

Public Safety $28,375

Economic Development $22,875

Debt Service $13,500

For fiscal year 2018, the CID also expects total revenue to reach nearly $375,000.

For the complete report, click here.