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

A.

The estimated cost of the initially proposed improvements, services projects and other permitted uses of special assessment revenues is two million four hundred seventy-four thousand nine hundred forty-three dollars.

B.

The initial rate of levy of the special assessment for the Downtown CBID, based on May 16, 2017, records of the metropolitan assessor of property, shall be $0.001294 per dollar of assessed property value. 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 from the district management corporation. 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, and no such change shall become effective unless and until it is approved by an ordinance enacted by the metropolitan council.

C.

Beginning in 2017, special assessments shall be levied against all taxable real property within the Downtown CBID 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 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 2.177.080(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.

(Amdt. 1 to Ord. BL2017-788 § 1, 2017; Ord. BL2017-788 § 1, 2017; Ord. BL2017-580 § 1, 2017; Ord. BL2007-1 §§ 2, 3, 2007; Ord. BL2007-1312 § 1, 2007)