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

A.

The estimated costs of the initially proposed improvements, services and projects are approximately $10.948 million during the first year and $28.5 million over the 20-year term.

B.

The initial rate of levy of the special assessment for the SONA CBID shall be $0.55 cents per $100.00 of assessed value of real property for calendar year 2018. Such rate of levy shall continue in full force until changed by the metropolitan council in accordance herewith and no change shall occur if debt is secured with the special assessment revenue. A change in the rate of levy may be initiated only by a resolution of the district management corporation requesting that the rate be changed. Further, this rate must be approved in an election held by the district management corporation by not less than a majority in number of owners of real property in the district voting in said election. In addition, the assessed value of the property in the district owned by all of the persons voting affirmatively must equal or exceed at least two-thirds of the assessed value of the property in the district owned by all of the persons voting. 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 2018, special assessments shall be levied against all taxable real property within the SONA 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.

D.

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

E.

Special assessments shall be imposed and collected annually as set forth hereinabove. Changes in the rate or additions to the rate for the assessment may be made only annually pursuant to the process referenced in Section 2.178.080(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. BL2018-1140 § 1, 2018)