FORT SMITH — Central Business Improvement District commissioners have begun collecting petitions for a property assessment to pay for improvements to downtown.
The assessment of no more than 0.01% of a property’s value would be expected to collect around $300,000 annually to create a clean and green program and an ambassador program. It would apply only to properties within the district.
Commissioners must collect petitions representative of more than 50% of all assessed property valuation within the district before they can ask the city Board of Directors to pass an ordinance to levy the assessment.
The clean and green program