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All taxes on new office, commercial and industrial developments collected pursuant to this chapter shall be accounted for separately. Account funds shall be expended solely for those purposes identified by the Town of Collierville. In no event shall any taxes collected pursuant to this chapter be used for the improvement of privately owned property, except where said funds are used to improve or upgrade privately owned property which through satisfactory and equitable lease agreement will be used for the benefit of the Town’s residents.
(`83 Code, § 6-808)