[Amended 8-14-2017 by Ord. No. 76-2017]
In accordance with the provisions of 73 P.S. § 834(5) and 73 P.S. § 834(10), an assessment fee shall be imposed on all nonexcluded properties located within the boundaries of the District provided that the final plan for the District is approved by City Council after notice to the public and public hearings.
A. Amount and method of assessment. The assessment shall be made as of January 1, 2016, and is based on the cost estimates provided in the final plan of the Reading Downtown Improvement District and shall be as follows:
(1) Commercial properties, industrial properties, and commercial apartment buildings within the District shall be assessed at the rate of 4.754 mills for each $1,000 of assessed value as set by the Berks County Assessment Office.
(2) Owner-occupied residential properties shall be excluded from the payment of the special property assessment provided such properties are carried as "residential" in the assessment records for the County of Berks, Commonwealth of Pennsylvania.
(3) Tax-exempt property owners within the District shall be allowed and encouraged to provide in-kind services or a financial contribution to the Authority in lieu of assessment.
B. Payment of assessment. Payment of the entirety of the assessment, beginning with sums due on January 1, 2016, and each January 1 of each year thereafter, shall be due no later than 60 days following the date of mailing of the notice of assessment.
C. Liens. Assessments shall constitute liens and encumbrances upon the assessed property and shall be collectable in accordance with the provisions of Section 7(d) of the Act, 73 P.S. § 837(d), and in general may be collected in the same manner as municipal tax claims notwithstanding the provision of this section as to installment payments.
D. Delinquent payment of assessments. In the event of delinquency or failure to remit assessments, the property shall be subject to lien and the property owner shall be additionally assessed for costs of collection, interest at a rate of 10% per annum, as authorized by the Municipal Claims and Tax Liens Law, and counsel fees.