(A) The Board of Mayor and Aldermen (the “Board”) recognize, find and declare the Town Historic District and Historic Properties, as designated by the Federal Register of Historic Places or by the Town, is an important part of the history and character of the Town of Collierville and has traditionally served as the Central Business District of the Town and the center of commerce for southeast Shelby County and portions of Fayette County, Tennessee, and Marshall County, Mississippi.
(B) The Board finds that:
(1) The Town of Collierville has experienced rapid and unprecedented growth in the past two decades, being one of the fastest growing municipal corporations in the state, creating an overwhelming demand for development of commercial and office facilities;
(2) New commercial and office developments within the corporate limits of the Town but outside the Historic Town Square will contribute to the deterioration and demise of the Historic Town Square and Historic District as the traditional commercial center;
(3) Projections indicate the population of Collierville will double by the year 2000;
(4) The Town has prepared a capital improvements program identifying the need and the cost for maintaining and improving the Historic Town Square to prevent further deterioration of this commercial center due to new office and commercial development within the Town;
(5) The Tennessee General Assembly has authorized the Town of Collierville to impose a historic preservation tax on the privilege of engaging in development of new office, industrial and commercial facilities; and
(6) The tax herein posed is within the statutory limits established by the legislature and is otherwise reasonable and equitable. In order to preserve the Town’s square and historic properties and protect them from deterioration and demise caused by commercial, industrial and office developments within the Town but outside the Town Historic District, this chapter is enacted to require and ensure persons responsible for new commercial, industrial and office development share in the burdens of growth by paying their fair share of the cost of maintaining, improving and developing the historic properties.
(`83 Code, § 6-802)