I Introduction
Urbanization, which refers to the migration of people from rural areas to urban communities, has increased rapidly in the past few decades placing an extra burden on the infrastructure in urban areas [1]. Policy makers are thus tasked with finding more effective methods for managing limited public resources to meet the needs of its citizens. Smart city initiatives have been proposed as a way to alleviate the challenges arising from urbanization. Smart cities projects involve the deployment of a vast number of Internet-of-things (IoT) devices across communities to monitor and manage environmental conditions and infrastructure. However, transforming a city into a smart city has proven to be very expensive, for example, cities such as San Diego, New Orleans, London, and Songdo have either proposed or invested in smart city projects that cost between 30 Million and 40 Billion [2]–[5]. As a result, financing smart city projects is a major challenge that limits its implementation [6], [7]. Therefore, finding ways to significantly reduce the cost of transforming traditional cities into smart cities is critical.