§ 2.178.090. Dissolution of the district management corporation.

The district shall be dissolved without further action from the metropolitan council on December 31, 2037 assuming there is no outstanding debt, bonds, notes or other obligations payable solely by special assessment revenue levied on real property within the district. However, the district shall not be dissolved if there is outstanding debt or if prior to that date the metropolitan council by ordinance determines that the district should be continued and a petition that satisfies the requirements of the Central Business Improvement Act, Tenn. Code Ann. § 7-84-501 et seq. is filed requesting that the district continue. Upon dissolution of the district, any unencumbered assessment proceeds remaining under the control of the district shall be disbursed to the owners of district real property pro rata based upon the amounts of the respective assessments.

The metropolitan council may dissolve the SONA CBID upon receipt of a written petition filed by the owners of either seventy-five percent of the assessed value of the property in the district based on the most recent certified city property tax rolls or fifty percent of the owners of record within the district.

(Ord. BL2018-1140 § 1, 2018)