§ 1501. Findings and declaration of policy.
§ 1501. Findings and declaration of policy. The General Assembly hereby finds and declares that: (1) Preserving and enhancing commercial enterprise in the traditional business centers of the cities and towns of Delaware are critical to the long-term financial well-being of the State; (2) The availability of enhanced municipal services within Delaware’s urban commercial centers, […]
§ 1502. Definitions.
§ 1502. Definitions. (a) “Assessable property” means all property owned or used by a commercial enterprise which is located within a business improvement district (whether or not it is subject to a real property tax abatement) and which is not part of a class of property which is exempted from assessment pursuant to § 1503(a) […]
§ 1503. Establishment.
§ 1503. Establishment. (a) The Mayor and Council or other governing body of any municipality of this State may create 1 or more business improvement districts comprising all or any portions of any area within such municipality which is either zoned for commercial use or predominantly used for commercial purposes. Such ordinance shall include the […]
§ 1504. Creation and powers of the authority or management company.
§ 1504. Creation and powers of the authority or management company. (a) The authority or management company authorized by ordinance to govern a district shall be created by the filing of a certificate of authority or incorporation with the Secretary of State, which certificate shall include: (1) Citation to the ordinance authorizing its creation; (2) […]
§ 1505. Method of assessment.
§ 1505. Method of assessment. (a) The authority or management company shall assess each assessable property within the district by multiplying the total service and improvement cost as reflected in the adopted budget for each year (less any allocated surplus or estimated revenue from other sources) by the ratio of the amount of such assessable […]
§ 1506. Prohibitions.
§ 1506. Prohibitions. (a) No authority or management company shall issue bonds or other forms of securities; nor shall any authority or management company pledge the full faith and credit of the municipality in which its district lies for the payment of its debts, or of the State. (b) No authority or management company shall […]
§ 1507. Annual review by municipality.
§ 1507. Annual review by municipality. Not less frequently than annually, the municipality shall review the performance of each authority or management company created by such municipality and shall prepare for public inspection a report which certifies that: (1) The authority or management company is in compliance with its enabling ordinance, its certificate of incorporation […]