§ 2.176.080. Estimated costs and rate of levy; special assessment procedure.

A.

The estimated costs of the initially proposed improvements, services projects and other permitted uses of special assessment revenues is four hundred eighty thousand dollars.

B.

The initial rate of levy of the special assessment for the GCBID shall be a rate of assessment not exceeding eighteen cents per one hundred dollars of assessed value of real property for calendar year 2017, and shall be $0.1081 per one hundred dollars of assessed value for the 2017 metro tax billing to fund the 2018 GCBID budget of four hundred eighty-two thousand dollars. Such rate of levy shall continue in force until changed by the metropolitan council in accordance herewith. A change in the rate of levy of such special assessment may be initiated only by a resolution of the District Management Corporation requesting that the rate be changed. Upon receipt of this resolution from the District Management Corporation, the metropolitan council must hold a public hearing on whether there should be a change in the rate of levy for the special assessment.

C.

Beginning in 2016, special assessments shall be levied against all taxable real property within the GCBID pursuant to a special assessment roll of all owners of real property within the district as shown in the records of the Assessor of Property for the Metropolitan Government of Nashville and Davidson County, including owners of leaseholds on property owned by the Industrial Development Board of the Metropolitan Government of Nashville and Davidson County.

D.

Notice of the special assessment shall be issued simultaneously with tax notices for regular Metropolitan Nashville real property taxes, and revenues from the special assessment shall be collected by the metropolitan trustee and placed into a segregated account subject to the direction of the metropolitan council and the district management corporation to the extent it is empowered by this ordinance.

E.

Special assessments shall be imposed and collected annually as set forth hereinabove and changes in the rate or additions to the rate of the special assessment may be made only on an annual basis and only in accordance with the procedure set forth in Section 2.176.080 B.

F.

Penalty and interest in the amount permitted by state law shall be added to any such assessment or installment thereof not paid on or before the date prescribed by the Metropolitan Government of Nashville and Davidson County.

(Ord. BL2017-787 § 1, 2017; Amdt. 1 to Ord. BL2015-67 § 1, 2016; Ord. BL2015-67 § 1, 2016; Ord. BL2008-213 § 1, 2008; Amdt. 1 to Ord. BL2006-1123 § 1, 2006; Ord. BL2006-1123 § 1, 2006)