SSMID: THE BIG PICTURE
Over the past 15 years, we have worked to improve the downtown's look and feel through facade repairs and historic restoration. We can do more, but we can't do it without a stable funding source. The SSMID will do that.
Without the SSMID, the CBD cannot continue to financially keep up the current beautification efforts – planters, banners, alley way – or to keep up downtown promotions such as the Holiday Stroll. If we do not create a safe, beautiful, inviting downtown, we will not see our downtown rise to its greater potential of a vibrant, energized community.
It is vital to have a robust downtown in order to attract and retain not only businesses, but new citizens to our community – which enables long term stability and success of the major employers of Marshalltown.
View the brochure here.
Without the SSMID, the CBD cannot continue to financially keep up the current beautification efforts – planters, banners, alley way – or to keep up downtown promotions such as the Holiday Stroll. If we do not create a safe, beautiful, inviting downtown, we will not see our downtown rise to its greater potential of a vibrant, energized community.
It is vital to have a robust downtown in order to attract and retain not only businesses, but new citizens to our community – which enables long term stability and success of the major employers of Marshalltown.
View the brochure here.
What is a SSMID?
SSMID stands for Self-Supported Municipal Improvement District. The SSMID is a self-imposed levy upon commercial and industrial property values within the district. The use of collected funds is restricted to the betterment of the business and cultural environment of the downtown district.
A SSMID is authorized by the city council when a petition has been submitted representing support by a majority
of the property owners and a majority of the property value.
Without the SSMID, Marshalltown Central Business District will not be able to continue the programs and beautification of the downtown. With your support, we can make Marshalltown a better place to live and commerce.
A SSMID is authorized by the city council when a petition has been submitted representing support by a majority
of the property owners and a majority of the property value.
Without the SSMID, Marshalltown Central Business District will not be able to continue the programs and beautification of the downtown. With your support, we can make Marshalltown a better place to live and commerce.
SSMID Benefits |
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What if it Passes?
These funds will allow the central business district to put a greater effort in beautification of the downtown; while placing a greater emphasis on business recruiting and building redevelopment.
What if it Fails?
The CBD will not be able to keep up current beautification methods, such as the flower baskets, and won’t be able to stretch out and grow our current downtown businesses nor recruit or promote new enterprises downtown. We also may lose our Main Street status and the resources available to us from Main Street Iowa.
Current income vs. SSMID income
Current expenses vs. SSMID expenses
Cost of the Levy
The SSMID will be divided into 5 different zones. The table lists an example of taxed amount per building value.
Rates are proposed at varying dollar amounts per thousand of taxable value. Below is the key for each zone:
Zone 1: Main Street-$3.60/per thousand
Zone 2: Adj. Streets-$3.16/per thousand
Zone 3: Residential-$1.00/per thousand
Zone 4: Industrial/Banks-$2.40/per thousand
Zone 5: Hospital-$0.45/per thousand
Zone 2: Adj. Streets-$3.16/per thousand
Zone 3: Residential-$1.00/per thousand
Zone 4: Industrial/Banks-$2.40/per thousand
Zone 5: Hospital-$0.45/per thousand
How long does the levy last?
The district levy will continue until dissolved in accordance with the provisions of Chapter 386 of the 2003 Code of Iowa. The Levy may continue if supported by a majority of property owners.
