(A) There is hereby created the Town of Collierville Central Business Improvement District I in accordance with and pursuant to the provisions of Tenn. Code Ann. §§ 7-84-101 et seq. The boundaries of the district are particularly described by metes and bounds in Exhibit A, which is attached to this Ordinance and incorporated herein by reference.
(B) Program and service improvements to be provided in the district are generally described to include:
(1) Marketing and promotion of the Town Square as a viable business district;
(2) Attraction of new retail and service oriented businesses providing a favorable mix of goods and services and an enhanced economic stability for the area;
(3) Encouragement, guidance and assistance for businesses within the district to make interior and exterior improvements, and expand services and/or product lines to enhance market appeal and increase sales;
(4) Development of a more defined “atmosphere” or theme to showcase the charm of the Town Square and its designation as a National Historic District;
(5) Increase participation of all businesses in the Collierville Historic Square Association; and
(6) Unity in the promotion of community activities that occur in the Town Square.
(C) The Main Street Collierville organization, a not-for-profit corporation chartered in the State of Tennessee, is hereby appointed as the representative of the Town of Collierville for the purpose of implementing the program and service improvements within the district and is hereby authorized to adopt the plan of improvement for the Town of Collierville Central Business Improvement District I, designed and approved by its Board of Directors, or any other plan of improvement as permitted by applicable law. Main Street Collierville shall present an annual budget to the Town Administrator (or his or her designee) that details how funds disbursed to it shall be used. Thereafter, Main Street Collierville shall report annually to the Town its expenditure of funds for program and service improvements in the district. The report of expenditures shall be subject to audit by the Town, and the Town shall have access to any and all records of Main Street Collierville as is necessary to complete such audit. Main Street Collierville shall retain all such auditable records for a minimum of three years from the date of the submission of the report regarding annual expenditures. Main Street Collierville shall file its first budget with the Town prior to the disbursement of any central business improvement district funds. Thereafter, Main Street Collierville shall file its annual budget for the upcoming year with the Town by no later than 60 days prior to the end of the year immediately preceding the upcoming year. Main Street Collierville shall file an annual financial report with the Town within 120 days after the yearly anniversary of its first receipt of central business improvement district funds.
(D) The estimated total cost of the program and service improvements to be provided in the Central Business Improvement District I, including those to be furnished by the Town of Collierville, is $60,979.
(E) Special assessments against the properties directly benefited by the program and service improvements are hereby authorized; provided, however, any religious or non-profit institution is exempt from this special assessment. All municipally owned property within the district, with the exception of the Town Square Park property and the Town Railroad Depot and its immediate environs, shall be assessed in the same manner as private property as authorized by Tenn. Code Ann. § 7-84-208(5) and in the manner prescribed by Tenn. Code Ann. § 7-84-406.
(F) The total cost of the program and service improvements will be allocated between the special assessments levied against the property owners and the general revenue of the municipality as follows:
(1) The total of assessments levied against the properties within the district shall not exceed $159,305. The assessment of the total sum shall be divided into four annual assessments for the calendar years of 2003, 2004, 2005 and 2006, in such a manner and in such an amount that the total revenues from the district and the Town of Collierville Central Business Improvement District II shall not exceed $39,826 per year.
(2) The remaining costs of the program and service improvements within the district may be provided by the Town by the appropriation of its general revenues less any sums received by way of private contributions and/or monies provided by other governmental entities or public agencies, but in no event shall the Town’s cost exceed $39,826 per year.
(G) The special benefit to all properties located within this Central Business Improvement District I is uniformly commensurate with the assessed value of each property in the district and the total cost of such program and service improvements to be assessed against the property owners of property in this district shall be assessed against each property in the same proportions that the assessed value of each such property bears to the assessed value of all such properties within the district.
(H) The special assessments authorized by this section shall be paid in four equal annual installments and shall be due and payable upon the property owner’s receipt of notice of the assessed amount. The first of the four equal installments will be due for calendar year 2003. Notices shall be sent to all property owners by December 31, 2003. Payment of the assessed amount shall become delinquent if not paid within the 60 days of the date of notice to the property owner of the assessed amount. All delinquent assessments shall accrue interest at the rate of 10% per annum until paid plus a penalty of .5% per month of the amount of such assessment or installment.
(I) There is hereby created a Board of Assessment Commissioners, which, in accordance with Tenn. Code Ann. § 7-84-303, shall consist of five citizens of the Town, none of whom shall be interested in any property contained within any central business improvement district established by the Town and who shall serve until completion of their duties, but in no event longer than four years from the date of their appointment. The board of assessment commissioners established by this section shall be the same Board of Assessment Commissioners as established in § 110.04. The members of the Board of Assessment Commissioners shall be appointed by separate resolution of the Board of Mayor and Aldermen in accordance with the provisions of Tenn. Code Ann. §§ 7-84-101 et seq.
(Ord. 2003-13, passed 6-9-03)