The funds collected under this chapter from establishments located within the Downtown Canton TDD (Tourism Development District) created by Ordinance No. 129/2020 are designated for and shall be directed and deposited to the Doubletree by Hilton Fund established by the City pursuant to Ordinance No. 147/2020, which funds shall be used to support the development, construction, financing and maintenance of improvements located within or otherwise serving the Downtown Canton TDD, including the “Doubletree by Hilton Redevelopment Project”, for such period of time as may be required for the repayment of debt issued in relation to said redevelopment activities, including any refunding or refinancing of such debt, and for the provision of services in the Downtown Canton TDD and maintenance, repair and replacement of improvements located within the Downtown Canton TDD. Following repayment of all such debt, the funds collected under this chapter from establishments located within the Downtown Canton TDD, unless otherwise designated by the municipal council, are again designated for and shall be deposited to the General Fund of the City. For avoidance of doubt, any funds collected under this chapter that are not specifically allocated to a fund pursuant to this Section 185.181 or Section 185.18 are designated for and deposited to the General Fund of the City.
(Ord. 147-2020. Passed 8-24-20.)