Neighborhood Improvement Districts
A Neighborhood Improvement District (NID) is an area designated to finance public improvements, including acquisition, construction, engineering, legal and related costs. General obligation bonds may be issued by the city and retired through special assessments against property owners in the area benefited by the improvements made. The cost of the public improvements assessed against property owners in the area are apportioned in a manner commensurate to the amount of benefit received from such improvements.
The creation of a NID may be established by one of two methods. The first is by a favorable vote of qualified voters living within the boundaries of the proposed area. The second is through a proper petition signed by at least two-thirds of the owners of record of all real property within the proposed area. In both instances, approval by the Board of Aldermen is required in order to establish the NID.
By law, the city must determine that certain requirements have been met before approving the establishment of a Neighborhood Improvement District (NID). These requirements are set forth under Sections 67.453 to 67.475 of the Revised Statutes for the State of Missouri (RSMo).
The city is prepared to approve petitions for a NID to facilitate business activity and economic development within Kearney. Because the municipality may issue general obligation bonds backed by the credit of the city, decisions to approve the establishment of a NID will be determined on a case-by-case basis and approved only where there is a clear demonstration of substantial and significant public benefit. At a minimum, all statutory requirements must be met.
CITY APPLICATION & APPROVAL PROCESS
The applicant is required to first meet with staff in a pre-qualification conference to determine project eligibility. Once deemed eligible, the property owner(s) may file a petition or submit a written request for an election to be held pursuant to RSMo 67.453 - 67.475. The petition or request for an election should be submitted to the City Clerk. Petitions that comply with the statutory requirements will be forwarded to the Board of Aldermen for consideration. Under certain conditions a development agreement may be required to establish the terms of the relationship between the city and the property owners within the NID area.