The city shall administer tourism business improvement district assessment collections according to the following rules:
A. The city will withhold an amount set by the City every month to offset the costs related to administering the tourism business improvement district. The city's withholding will be transferred to the general fund.
B. The city will transfer the funds collected by the city during a given quarter, less the withholding detailed above, to a fund administered by the board of trustees.
C. Tourism business improvement district assessment payments shall be made to the city treasurer's office by the established deadline.
D. Any hotel that fails to file a required return, statement, or other report with the city by the due date, including any extension of time of the return or report, will be assessed a late filing penalty of fifty dollars or the amount of the tax due, whichever is less.
E. Any hotel that fails to remit the tourism business improvement district assessments when due must be assessed a late payment penalty of one percent a month, or a fraction of a month, on the unpaid tourism business improvement district assessments. The penalty may not exceed twelve percent of the amount due. The penalty will accrue on the unpaid tourism business improvement district assessments from the original date of the return regardless of whether the hotel operator has received an extension of time for filing a return. (Ord. 597, - -2023)