The organization of such a district shall be initiated in either of two (2) methods:

(1)

Terms Used In Tennessee Code 7-84-202

  • Assessed value: means value as assessed for municipal property tax purposes. See Tennessee Code 7-84-103
  • District: means the central business district created by ordinance or resolution by a municipality, or a corridor of central business districts created by joint agreement of two (2) or more municipalities. See Tennessee Code 7-84-103
  • Governing body: means the council or commission or other municipal body exercising general legislative power in the municipality or any county legislative body. See Tennessee Code 7-84-103
  • Municipality: means any incorporated city, town, metropolitan government, or county of this state exercising general governmental functions in the state. See Tennessee Code 7-84-103
  • Owner: means record owner in fee. See Tennessee Code 7-84-103
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • signed: includes a mark, the name being written near the mark and witnessed, or any other symbol or methodology executed or adopted by a party with intention to authenticate a writing or record, regardless of being witnessed. See Tennessee Code 1-3-105
(A) By a petition filed in the office of the clerk of the governing body of the municipality signed by not less than a majority in number of the owners of real property in the district having an assessed value of not less than two thirds (2/3) of the assessed value of all the real property proposed to be included in the district;
(B) After the filing of the petition, no petitioner shall be permitted to withdraw such petitioner’s name from the petition;
(C) No petition with the requisite signatures shall be declared void on account of formal or insubstantial defects. The governing body, at any time, may permit the petition to be amended to conform to the facts by correcting any errors in the description of the territory, or in any other particular. Similar petitions for the organization of the same district may be filed and together shall be regarded as one (1) petition with the original. All such petitions filed prior to the hearing on the first petition filed shall be considered by the governing body in the same manner as if filed with the first petition placed on file;
(D) The petition shall set forth:

(i) The name of the proposed district, which shall include the name of the municipality in which the district is to be located, together with the words, “Central Business Improvement District”;
(ii) A general description of the boundaries of the district or the territory to be included in the district, identified with sufficient certainty to enable a property owner to determine whether or not such property owner’s property is within the district;
(iii) A general description of the improvements to be constructed, installed or acquired within and for the district;
(iv) The estimated cost of the proposed improvements; and
(v) A prayer for the organization of the district; or
(2) The governing body of a municipality may initiate the organization of a central business improvement district by adoption of a resolution containing the matters prescribed in subdivision (1)(D) for a petition.
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