(a) This legislation enacts the newly created "Historic Downtown Revitalization Fund" in which 100 percent of the first fifty thousand dollars ($50,000) collected through the Central Collection Agency will be distributed to this fund beginning in calendar year 2016. Thereafter, fifty percent of the money collected will be distributed to this fund and the remaining shall be distributed into the appropriate income tax line.
(b) The fund will be for revitalization, preservation, strategic planning, or reimbursement purposes. A business can apply for a reimbursement after the project has been completed and inspected. The project must be one approved by the Commission.
(Ord. 131-15. Passed 6-4-15; Ord. 197-19. Passed 10-17-19.)