(a) This part shall apply to:

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Terms Used In Tennessee Code 7-88-114

  • Contract: A legal written agreement that becomes binding when signed.
  • Municipality: means any incorporated city or county located in the state of Tennessee, including a county with a metropolitan form of government. See Tennessee Code 7-88-103
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • Public authority: means any agency, authority or instrumentality created or authorized by any municipality or by two (2) or more municipalities acting jointly, including, but not limited to, any public building authority organized pursuant to the Public Building Authorities Act of 1971, compiled in title 12, chapter 10 or an industrial development corporation organized pursuant to chapter 53 of this title. See Tennessee Code 7-88-103
  • Qualified public use facility: includes :
    (i) Any building, complex, center, facility or any two (2) or more adjacent buildings, complexes, centers or facilities containing at least two hundred fifty thousand square feet (250,000 sq. See Tennessee Code 7-88-103
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
  • Statute: A law passed by a legislature.
  • Tourism development zone: means an area in a municipality designated by ordinance or resolution of such municipality in which a qualified public use facility is located or planned, that is determined by the department of finance and administration to be a beneficially impacted area in accordance with the requirements of this chapter and that is certified as a tourism development zone by the department. See Tennessee Code 7-88-103
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
(1) Tourism development zones existing as of April 27, 2018; and
(2) Tourism development zones approved by the state building commission no later than December 31, 2018, that are created pursuant to a letter of intent or application filed as of June 26, 2007.
(b) No tourism development zones shall be created after April 27, 2018, except for those tourism development zones created pursuant to subdivision (a)(2).
(c) Should an application not be approved by the state building commission by December 31, 2018, whether or not it is filed pursuant to a letter of intent filed by June 26, 2007, the application and letter of intent shall be null and void.
(d) The state building commission has the authority to approve or disapprove an application for a tourism development zone in whole or in part.
(e)

(1) The state building commission has the authority to approve or disapprove any modification to a tourism development zone in whole or in part; however, a tourism development zone may not be modified to expand its boundaries or extend its term unless specifically authorized by statute with respect to a particular tourism development zone. The state building commission has the authority to deny a modification relative to the use of the tourism development zone funds if it determines that any proposed use is not economically feasible or not in the best interest of the state.
(2) As used in this part, “modification” means any change in a tourism development zone, including, but not limited to, adding new qualified public use facilities; adding qualified associated developments or ancillary structures or facilities; or adding any use of property tax revenue pursuant to § 7-88-113.
(f) The municipality or public authority in which a tourism development zone is located shall file with the commissioner of finance and administration and the state building commission an annual report on a form and in accordance with the procedures prescribed by the comptroller of the treasury for the year previous to the date of the annual report, which shall include:

(1) A list of contractual commitments specifying the individual parties, expenditures, and the scope of work. For the purpose of this part, “contractual commitment” means any contract, agreement, or commitment for goods or services that is funded in whole or in part by tourism development zone funds;
(2) A tourism development zone’s principal debt and interest, revenues, total expenditures, expenditures made with surplus funds, outstanding indebtedness, periodic surplus/deficit, and cumulative surplus/deficit;
(3) The cumulative amount of funds expended by the tourism development zone on the zone itself specified by subaccount on each qualified public use facility, and specifying whether such funds were bond proceeds or surplus revenues; and
(4) A sources and uses report showing all funds received or expended in conjunction with, in relation to, or leveraged with, tourism development zone funds. Received funds shall be stated separately from the funding source. Receipts or expenditures of less than one hundred thousand dollars ($100,000) may be reported in the aggregate by category. For receipts and expenditures equal to or in excess of one hundred thousand dollars ($100,000), each item must be listed with specificity and include the payee or payees, purpose, and date.
(g) In addition to the annual report, the state building commission shall have the authority to request at any time a sources and uses report showing all funds received or expended by the municipality or public authority with respect to the tourism development zone during the previous three (3) months.
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