.010 Any district established or extended pursuant to the provisions of this chapter, where there is no indebtedness, outstanding and unpaid or outstanding contract, incurred to accomplish any of the purposes of the district, may be disestablished by resolution by the City Council in either of the following circumstances:
.011 If the City Council finds there has been misappropriation of funds, malfeasance, or a violation of law in connection with the management of the district, it shall notice a hearing on disestablishment.
.012 During the operation of the district, there shall be a 30-day period each year in which assessees may request disestablishment of the district. The first such period shall begin five (5) years after the date of establishment of the district or such other time as set forth in the management plan and shall continue for thirty (30) days. The next such 30-day period shall begin six (6) years after the date of the establishment of the district or such other time as set forth in the management plan. Each successive year of operation of the district shall have such a 30-day period. Upon the written petition of the owners of businesses in the TID who pay 50 percent (50%) or more of the assessments levied, the City Council shall pass a resolution of intention to disestablish the district. The City Council shall notice a hearing on disestablishment.
.020 The City Council shall adopt a resolution of intention to disestablish the district prior to the public hearing required by this section. The resolution shall state the reason for the disestablishment, shall state the time and place of the public hearing, and shall contain a proposal to dispose of any assets acquired with the revenues of the assessments levied within the property and business improvement district. The notice of the hearing on disestablishment required by this section shall be given by mail to each affected TID business subject to assessment in the district, as appropriate. The city shall conduct the public hearing not less than thirty (30) days after mailing the notice to the property or business owners. The public hearing shall be held not more than sixty (60) days after the adoption of the resolution of intention.
.030 Upon the disestablishment of a district, any remaining revenues, after all outstanding debts are paid, derived from the levy of assessments, or derived from the sale of assets acquired with the revenues, or from bond reserve or construction funds, shall be refunded pro rata to the owners of TID businesses then located and operating within the district in which assessments were levied by applying the same method and basis that was used to calculate the assessments levied in the fiscal year in which the district is disestablished.
.040 If the disestablishment occurs before an assessment is levied for the fiscal year, the method and basis that was used to calculate the assessments levied in the immediate prior fiscal year shall be used to calculate the amount of any refund.
.050 Notwithstanding the above, if there is indebtedness or outstanding contracts, the assessment may not be terminated for such indebtedness or contract but may be permanently or temporarily terminated or otherwise reduced with respect to all other improvements and activities if the above steps are taken upon the written petition of the owners of businesses in the TID who paid 50 percent (50%) or more of the assessments in the preceding fiscal year. (Ord. 6174 § 1 (part); July 27, 2010.)