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Cedar Rapids Downtown taxing district gets 10-year extension

The Tree of Five Seasons in downtown Cedar Rapids (CBS2/FOX28)

The Cedar Rapids City Council voted Tuesday to extend the city's Self-Supported Municipal Improvement District (SSMID) for the next 10 years.

The SSMID allows property owners in the district to self-impose taxes used to support a variety of district-wide development initiatives. According to staff with the Cedar Rapids Metro Economic Alliance, the district has been active for 30 years, and was last renewed in 2007.

Fred Timko is chair of the Downtown SSMID Commission, which oversees the use of the district's proceeds.

"As property owners, we have played and will continue to play a pivotal role in positioning downtown Cedar Rapids as a regional economic engine and leader," Mr. Timko sated in a news release. "We all have a stake in the success of downtown. The ongoing support of property owners is critical."

Cedar Rapids Metro Economic Alliance said this year's priorities for the district include increasing the occupancy of downtown buildings, expanding downtown housing, focusing on cultural and entertainment offerings around Third Street and Third Avenue.

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