(a) In the event that the establishment of a central business improvement district shall have been initiated by resolution of the governing body, the establishment ordinance shall not be adopted if owners representing more than one half (1/2) of the assessed value of all property to be included in the district file written protests with the governing body prior to the public hearing.
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Terms Used In Tennessee Code 7-84-516

  • Assessed value: means value as assessed for municipal property tax purposes. See Tennessee Code 7-84-503
  • central business improvement district: means the central business improvement district created by the establishment ordinance of the municipality. See Tennessee Code 7-84-503
  • District: means the central business district created by ordinance or resolution by a municipality, or a corridor of central business districts created by joint agreement of two (2) or more municipalities. See Tennessee Code 7-84-103
  • Establishment ordinance: means the ordinance of the governing body adopted pursuant to §. See Tennessee Code 7-84-503
  • Governing body: means the council, commission, board or other body exercising general legislative power in the municipality. See Tennessee Code 7-84-503
  • Initiating petition: means the petition filed pursuant to §. See Tennessee Code 7-84-503
  • Initiating resolution: means the resolution adopted by the governing body pursuant to §. See Tennessee Code 7-84-503
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
(b) The filing of protests by owners representing more than one half (1/2) of the assessed value of the property to be included in the district shall not bar the governing body from amending the district boundaries in such manner as to reduce the number of objectors to one half (1/2) or less of the assessed value of the district; provided, that a new public hearing shall be held on the amended district pursuant to the same provisions and procedures established in this part for the initial public hearing.
(c) The governing body shall be permitted to amend the district boundaries only once in order to permit the adoption of such ordinance, and no initiating petition shall be accepted nor initiating resolution adopted by the governing body with respect to the same properties included in the original or amended proposed central business improvement district for a period of twelve (12) months following the failure of passage of such ordinance.
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