(A)   Pursuant to N.J.S.A. 40:56-65 et seq., the Voorhees Town Center BID shall be subject to a special assessment on all properties within the Voorhees Town Center District as identified in Schedule A attached to Ordinance No. 325-18 for the purposes of promoting the economic and general welfare of the Voorhees Town Center BID.
   (B)   All business properties within the Voorhees Town Center BID, including all private, non-residential assessed properties or any residential properties whose primary use is the operation of a business or commercial venture, are deemed included in the assessing provisions of this chapter and are expressly subject to potential assessment made for the purposes of supporting the Voorhees Town Center BID.
   (C)   All properties consisting of rental apartments but also containing retail, commercial or office use shall be subject to the special assessment established herein for the benefit of the Voorhees Town Center BID, which special assessment shall be based upon a pro-rata calculation of the ratio of the retail, commercial or office use to the apartment use as shall be established by the Voorhees Township Tax Assessor exercising reasonable discretion.
   (D)   All of the monies collected by assessment pursuant to this chapter shall be spent solely to benefit the Voorhees Town Center District consistent with the goals and objectives set forth herein.
   (E)   The township shall transfer assessed payments to the BID Advisory Board, quarterly on the fifteenth day of February, May, August and November, as collected.
   (F)   Failure of any property owner to pay annual assessments shall be treated in the same manner as a failure to pay property taxes, as provided for in Title 54 of the New Jersey Statutes (N.J.S.A. Title 54).
   (G)   All costs of improvements and maintenance, other than those costs of improvements and maintenance normally incurred by the Township of Voorhees out of general funds, shall be determined and approved pursuant to N.J.S.A. 40:56-80 or N.J.S.A. 40:56-85, as determined by the BID Advisory Board. Assessments shall be determined by multiplying the current assessed valuation, as determined by the Tax Assessor of the township for real estate tax purposes, multiplied by a rate or rates to be established based upon the tier classification of each property. Such rates for the respective tiers shall be subject to amendment and adjustment by the BID Advisory Board as is necessary to assure a consistent and fair apportionment among the various property owners within each tier classification. The basis for the different ratios between the respective tiers is to apportion the assessments so that the assessment charged most closely approximates the respective benefits received.
   (H)   Assessments shall be due and payable quarterly on February 1, May 1, August 1 and November 1 of each year, with a ten-day grace period, after which dates, if unpaid, shall become delinquent, with interest charged as set forth below and reverting back to the due date on any quarterly installment of assessments.
      (1)   For the first $1,500, the rate shall be 8% per annum.
      (2)   For all amounts in excess of $1,500, the rate shall be 18% per annum.
   (I)   The Voorhees Township Tax Collector may affix a penalty not to exceed 6% of the delinquent assessment as billed prior to the end of the fiscal year for the most recent fiscal year only.
   (J)   Unpaid special assessments shall become a lien against the underlying property and shall be collectible in the same manner as any other municipal property taxes and assessments as provided by the laws of the State of New Jersey.
(Ord. 325-18, passed 5-29-18)