§ 7-41-101. Short Title
This chapter shall be known and may be cited as the “Regional Retail Tourism Development District Act.”
§ 7-41-102. Purpose of Chapter
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.
§ 7-41-103. 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 regional retail tourism development district as of the end of the fiscal year of this state immediately prior to the year in which […]
§ 7-41-104. Requirements to Receive Apportionment of State Sales and Use Taxes — Certification of District — Apportionment and Distribution of State Sales and Use Taxes to Municipality
To receive the apportionment of state sales and use taxes as provided in this chapter, the following requirements must be met: A municipal legislative body must adopt an ordinance designating the boundaries of the regional retail tourism development district. A municipality shall not contain more than one (1) such district; The municipality must file a […]
§ 7-41-105. Annual Adjustments to Sales and Use Tax Revenues Collected in District
The department of revenue shall make annual adjustments to the sales and use tax revenues collected in the district within ninety (90) days of the end of each fiscal year. The annual adjustments are effective immediately upon notification of the adjustment from the department of revenue to the municipality or industrial development corporation.
§ 7-41-106. Apportionment and Distribution if Extraordinary Retail or Tourism Facility or Project in Certified District
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 […]
§ 7-41-107. 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, to issue revenue bonds to finance a project within a district, and to incur cost for […]
§ 7-41-108. Bonds, Notes, Refunding Bonds, or Other Indebtedness Relative to Cost of Economic Development Project
Any bonds, notes, refunding bonds, or other indebtedness relative to the cost of an economic development project must not be issued for a term longer than thirty (30) years, and the municipality or industrial development corporation may pledge all proceeds or taxes it receives pursuant to this chapter to the payment of principal and interest […]
§ 7-41-109. Debt Amortization Schedule for 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 the bonds shall submit a proposed debt amortization schedule for the bonds to the commissioner for approval. The schedule […]
§ 7-41-110. Limitations, Conditions, or Provision of Incentives or Financial Support in District
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 indebtedness due to district formation in an amount equal to twenty-five percent (25%) of the property tax for […]
§ 7-41-111. Exercise of Powers and Rights Granted by Chapter
Notwithstanding any law to the contrary, the municipality and the industrial development corporation may exercise all power and rights, express or implied, granted by this chapter.