§ 7-40-101. Short Title
This chapter shall be known and may be cited as the “Border Region Retail Tourism Development District Act.”
§ 7-40-102. Purpose
The purpose of this chapter is to increase tourism and the competitiveness of this state with bordering states by empowering local governments to encourage the development of extraordinary retail or tourism facilities, including shopping, recreational, and other activities.
§ 7-40-103. Chapter Definitions
As used in this chapter, unless the context otherwise requires: “Base tax revenues” means the revenues generated from the collection of state sales and use taxes from all businesses within the applicable border region retail tourism development district as of the end of the fiscal year of this state immediately prior to the year in […]
§ 7-40-104. Requirements for Apportionment of State Sales and Use Taxes
To be entitled to receive the apportionment of state sales and use taxes as provided in this chapter, the requirements set forth in subdivisions (a)(1)-(4) shall be met. A municipal legislative body shall adopt an ordinance designating the boundaries of the border region retail tourism development district; provided, however, that no municipality shall contain more […]
§ 7-40-105. Annual Adjustments
Annual adjustments to the sales and use tax revenues collected in the district shall be made by the department of revenue within ninety (90) days of the end of each fiscal year and shall be effective immediately upon notification of such adjustment from the department of revenue to the municipality or industrial development corporation.
§ 7-40-106. Conditions for and Duration of Apportionment and Distribution of State Sales and Use Taxes
Notwithstanding the allocations provided for in § 67-6-103(a), if a municipality or industrial development corporation finances, constructs, leases, equips, renovates, assists, incents, or acquires an extraordinary retail or tourism facility or a project in a certified district, then seventy-five percent (75%) of state sales and use tax collected in the district in excess of base […]
§ 7-40-107. Delegation to Industrial Development Corporation
An eligible municipality in which a district is located is authorized to delegate to any industrial development corporation within the county or counties where the municipality is located the authority to carry out all or part of the project and to issue revenue bonds to finance a project within a district and to incur cost […]
§ 7-40-108. Indebtedness
Any bonds, notes, refunding bonds, or other indebtedness relative to the cost of an economic development project shall not be issued for a term longer than thirty (30) years and the municipality or industrial development corporation is authorized to pledge all proceeds or taxes received by it pursuant to this chapter to the payment of […]
§ 7-40-109. Issuance of Bonds
Prior to the issuance of any bonds to finance the cost of an economic development project that will be repaid in whole or part from apportionments under this chapter, the municipality or industrial development corporation issuing such bonds shall submit a proposed debt amortization schedule for such bonds to the commissioner for approval. Such schedule […]
§ 7-40-110. Incentives and Financial Support
A municipality may, including through an industrial development corporation, limit, condition, or provide incentives or financial support in the district as it deems appropriate, including the requirement that the benefited property owners participate in the repayment of such in an amount equal to twenty-five percent (25%) of the property tax for the real property owned […]
§ 7-40-111. Exercise All Powers and Rights — Standing — Remedies
Notwithstanding any law to the contrary, the municipality and the industrial development corporation are authorized to exercise all power and rights, express or implied, granted by this chapter. Any developer of a project within a district who has entered into an agreement with a municipality or industrial development board related to such project or any […]
§ 7-40-112. Application of Chapter to Certain Border Region Retail Tourism Development Districts
This chapter shall only apply to border region retail tourism development districts for which a certified copy of the ordinance required by § 7-40-104(a)(1), along with the request for certification required by § 7-40-104(a)(2), has been filed with the commissioner before January 1, 2012.
§ 7-40-113. Application of Chapter to Certain Costs
The benefits of this chapter shall apply to any cost incurred in connection with developing a project as a whole, even if: The cost includes development of portions of the district or business in the district, or both, that do not, by themselves, generate state sales and use tax revenue, visitors, or sufficient state sales […]