Title
Ordinance to Continue to Impose a Business Improvement Tax in the Amount of $.07 per $100.00 of Assessed Value on Certain Commercial Properties, Subject to Real Estate Taxation, Within the Boundaries of the Coliseum Central Business Improvement District, Which Tax Shall be in Addition to all Other Taxes and Fees as May be Imposed by Law for the Period from July 1, 2021 to June 30, 2031
Purpose
PURPOSE/BACKGROUND:
The Coliseum Central Business Improvement District (formerly the Mercury Central Business Improvement District) was established by ordinance in 1995. At that time the tax rate was established at four cents ($.04) per one hundred and 00/100 dollars ($100.00) of assessed value on certain commercial properties, for a period of five years. Effective July 1, 2001, the tax was renewed at the rate of seven cents ($.07) for a period of five (5) years. An additional five (5) year renewal was also approved and went into effect on July 1, 2006. Effective July 1, 2011 the tax was renewed at the same rate for a period of ten (10) years. The Coliseum Central Business Improvement District is now requesting that Council again adopt an ordinance to continue the tax at that same rate for an additional period of ten (10) years to expire on June 30, 2031.
The Coliseum Central and Downtown Business Improvement Districts (“BIDs”) were created in 1995. They are comprised of commercial properties (excluding manufacturers, residential properties, and multi-family dwellings) within the geographical boundaries then established. Those commercial properties are subject to taxes, which are paid over to the BIDs to be used solely for economic development services, promotion of business and retail development services, beautification and landscaping, public parking, sponsorship and promotion of recreational and cultural activities and such other services, events, or activities which will enhance the public use and enjoyment of and the public safety, public conv...
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