The maintenance fund is in correlation with GDC’s Special Service Area, which pools independent funding from the membership with the city. The money is used to maintain common areas and to re-invest in the downtown area.
The recently signed contract, which reportedly took place this past April, will “modernize” the original contract signed in 1973.
Under the new contract, TIF funded property areas can now pool with the GDC to make “qualified property improvements” of up to $80,000, as well as to receive $40,000 in TIF and SSA funds.
The GDC and the city have partnered for 42 years. In about half of that time, more than $455,000 has funded re-investments to produce property improvements equaling up to $4.3 Million dollars.