CID approval

State law required signatures from 50.1 percent of the property owner groups representing 50.1 percent of the assessed valuation of property in the community improvement district. According to city records, there were 108 signatures out of 202 owner groups in the district (53 percent). Those owners represented $6.6 million (69 percent) of the $9,580,514 assessed property values in the district. Penny's properties warranted two signatures because they are listed as two ownership groups, said Mary Lilly Smith, Springfield economic development director.

Even without Penny's support, the CID would have had enough signatures to pass.

Penny's properties assessed for $225,054 at the time of the petition. Penny would save about $2,500 in taxes annually in Zone 2, which assesses 74.7 cents per $100 assessed valuation, and $1.05 per linear foot of frontage. Zone 1 properties are taxed the same assessment value, plus $7.38 per linear foot of frontage.

According to a city memo produced last February and sent to the CID Executive Committee, the CID expires Dec. 31, 2006, unless a new petition is approved.

CID provides maintenance services, parking management and image enhancements in the downtown area. All tax revenues go directly to services rendered, said CID Board Chairman Tim Rosenbury.