§ 7-88-101. Short Title
This chapter shall be known and may be cited as the “Convention Center and Tourism Development Financing Act of 1998.”
§ 7-88-102. Purpose of Chapter
The purpose of this chapter is to increase state tourism and related economic development by providing a financing mechanism for the development of convention centers and other similar public use facilities that will attract and serve major tourism destinations, thereby fostering economic benefit to the state and hosting cities and counties.
§ 7-88-103. Chapter Definitions
As used in this chapter, unless the context otherwise requires: “Base tax revenues” means the revenues generated from the collection of state and local sales and use taxes from all businesses within the applicable tourism development zone as of the end of the fiscal year of the state of Tennessee immediately prior to the year […]
§ 7-88-104. Annual Adjustments to Base Tax Revenue
Annual adjustments to the base tax revenues of the tourism development zone 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 to the municipality or public authority.
§ 7-88-105. Tourism Development Zone Within a One-Mile Radius of Qualified Public Use Facility — Exception
A tourism development zone shall not extend farther than one (1) mile from the outer perimeter of a qualified public use facility; provided, however, that if the department of finance and administration determines that the geographical configuration of a municipality requires an unusually shaped tourism development zone, such zone may extend farther than one (1) […]
§ 7-88-106. Apportionment and Distribution of Incremental Increases Due to Public Use Facility
If a municipality or public authority has financed, constructed, leased, equipped, renovated or acquired a qualified public use facility within a tourism development zone, then state and local sales and use taxes shall be apportioned and distributed to the municipality in an amount equal to the incremental increase in state and local sales and use […]
§ 7-88-107. Limitations on Indebtedness
Any bonds, notes or other indebtedness relative to the cost of a qualified public use facility shall not be issued for a term longer than thirty (30) years from the date it is reasonably anticipated that the facility will commence operation as a public use facility, and the municipality or public authority is authorized to […]
§ 7-88-108. Qualified Public Use Facility — Application for Certification — Review — Cost Summary — Commencement of Tax Apportionment and Distribution
To be entitled to receive the allocations of state and local sales and use taxes as provided in this chapter, a municipality or public authority must first file with the department of finance and administration an application seeking certification of the tourism development zone and the planned public use facility as a qualified public use […]
§ 7-88-109. Proposed Debt Amortization Schedule
Prior to the issuance of any bonds to finance the cost of a qualified public use facility that will be repaid in whole or in part from apportionments under this chapter, the municipality or public authority issuing such bonds shall submit a proposed debt amortization schedule for such bonds to the commissioner of finance and […]
§ 7-88-110. Rules and Regulations
The department of revenue and the department of finance and administration are authorized to adopt rules and regulations in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, to implement this chapter. The state building commission is authorized to adopt procedures to implement this chapter.
§ 7-88-111. Compliance With Civil Rights Act
Title VI of the Civil Rights Act of 1964 (42 U.S.C. § 2000d, et seq.), and title 4, chapter 21, part 9, shall be strictly complied with whenever applicable under this chapter.
§ 7-88-112. Bidding for Construction of Conference or Convention Facilities
For the purposes of this section, unless the context otherwise requires: “Metropolitan government” means a county having a metropolitan form of government which has a population in excess of five hundred thousand (500,000), according to the 2000 federal census or any subsequent federal census; “Minority-owned business” means a business that is solely owned, or at […]
§ 7-88-113. Qualified Public Use Facility as Project
A qualified public use facility shall be deemed to be within the term “project” as defined in § 7-53-101. In addition to the powers under chapter 53 of this title, any local government having jurisdiction over any part of a qualified public use facility is authorized to use tax increment financing for such project costs […]
§ 7-88-114. Application
This part shall apply to: Tourism development zones existing as of April 27, 2018; and 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. No tourism development zones shall be created after […]
§ 7-88-116. Involvement of Minority-Owned Business
For the purposes of this section, unless the context otherwise requires: “Covered qualified public use facility” means a qualified public use facility that elects to qualify as a qualified public use facility under § 7-88-103(7)(A)(ii) or (7)(A)(iii). “Covered qualified public use facility” also means a qualified public use facility created after January 1, 2007, in […]
§ 7-88-117. Fee on Sales of Services and Tangible Personal Property Within Central Business Improvement District Within Tourism Development Zone
Notwithstanding any law to the contrary, any metropolitan government which has created a tourism development zone pursuant to this chapter and which tourism development zone completely includes one (1) or more central business improvement districts, may, by resolution of its governing body, impose an additional fee on the sales price of services and tangible personal […]