Sec. 44-151. - Findings and policy.

The city council, acting pursuant to the provisions of 22 Del. C. ch. 15, and having reviewed the joint proposal of the council and the city administration for a Wilmington Downtown Business Improvement District, hereby finds and declares that:

(1)

Preserving and enhancing commercial enterprise in Wilmington and in the downtown business center of Wilmington is critical to the long-term financial well-being of the city; and

(2)

The availability of enhanced city services within the commercial centers of the city should result in significantly improved street and sidewalk sanitation, facilities and infrastructure maintenance, and public security, serving as a magnet to the consuming public; and

(3)

Numerous cities and towns throughout the United States, including Philadelphia, Baltimore, Buffalo and Allentown have successfully funded and witnessed the benefit of such enhancements through the creation of business improvement districts as authorized by state legislative enactments; and

(4)

The cost of the enhanced city services provided for within the downtown business improvement district shall be funded exclusively by the principal beneficiaries thereof, the commercial enterprises within the district, thereby avoiding further demand on the city treasury.

(Ord. No. 94-053(sub 1), § 1, 9-15-94)

Sec. 44-152. - Definitions.

[For the purposes of this article, the following words and phrases shall have the meanings respectively ascribed to them by this section:]

Assessable property means all property owned or used by a commercial enterprise which is located within a Wilmington Business Improvement District (whether or not it is subject to a city real property tax abatement) and which is not part of a class of property which is exempted from assessment pursuant to subsection 44-153(h).

Assessment base means any tax or license fee lawfully imposed by the city relating to real property or the operation of a commercial enterprise.

Assessment zone means an area of a Wilmington Business Improvement District designated by the city to fund a certain percentage of the district's annual budget within which the assessment rate is uniform.

Authority means a body politic or corporate exercising public powers of the state as an agency thereof in accordance with the provisions of 22 Del. C. ch. 15 and this chapter of the city Code.

Business improvement district or district means an area of the city designated for the provision of services by an authority or management company as defined by this article.

City or municipality means the City of Wilmington, a political subdivision of the State of Delaware.

Management company means an authority, which, in accordance with the express terms of the provisions of this article and the ordinance creating it, is duly incorporated under the not-for-profit corporation provisions of the Delaware General Corporation law.

Services means those functions undertaken directly or indirectly by an authority or management company for the benefit and advantage of the business improvement district.

(Ord. No. 94-053(sub 1), § 1, 9-15-94)

Sec. 44-153. - Establishment of the Wilmington Downtown Business Improvement District.

(a)

Purpose. The creation of the Wilmington Downtown Business Improvement District is designed to revitalize the city's downtown commercial district by providing enhanced municipal services without the expenditure of public funds. The district is created pursuant to 22 Del. C. ch. 15 (hereafter, the "enabling legislation").

(b)

Establishment. The mayor and council hereby create a business improvement district to be known as the "Wilmington Downtown Business Improvement District" ("WDBID"), which district shall be bounded, governed and administered in accordance with this section.

(c)

Geographic boundaries. The geographic boundaries of the WDBID shall include both sides of all designated streets acting as boundaries, to include the full perimeter of all properties fronting on such streets to the rear property lines of all such properties, unless the centerline of a street is specifically designated as the boundary, or unless specifically noted otherwise, and said geographic boundaries are as follows:

(1)

The WDBID shall begin at the intersection of Front Street and the centerline of Walnut Street; thence proceed along the centerline of North Walnut Street to its intersection with 8th Street; thence along 8th Street to its intersection with French Street; thence along French Street to its intersection with 12th Street; thence along 12th Street to its intersection with King Street; thence along King Street to its intersection with 16th Street; thence along 16th Street across Market Street to the northern boundary of H. Fletcher Brown Park; thence along said boundary, turning south at the western boundary of H. Fletcher Brown Park to include 201 and 205 West 14th Street, to its intersection with the centerline of Orange Street; thence along the centerline of Orange Street to its intersection with 13th Street; thence along Orange Street to its intersection with 12th Street; thence along 12th Street to its intersection with Washington Street; thence along Washington Street to its intersection with a line representing the northern boundary of the Medical Center of Delaware Property; thence along the said boundary of the Wilmington Hospital Property to its intersection with the centerline of Jefferson Street and a line extending from Jefferson Street; thence along said line of Jefferson Street to its intersection with the centerline of 12th Street; thence along 12th Street to its intersection with the centerline of Delaware Avenue; thence along the centerline of Delaware Avenue to its intersection with a line extending from the western boundary of 802 Delaware Avenue; thence along said boundary and a line extending from said boundary to its point of intersection with the centerline of 11th Street; thence along the centerline of 11th Street to its intersection with the centerline of Madison Street; thence along 11th Street to its intersection with Jefferson Street; thence along Jefferson Street to its intersection with 9th Street; thence along 9th Street to its intersection with West Street; thence along West Street to its intersection with 7th Street; thence along 7th Street to its intersection with Shipley Street; thence along Shipley Street to its intersection with the centerline of 4th Street; thence along the centerline of 4th Street to its intersection with King Street; thence along King Street to its intersection with Martin Luther King Boulevard; thence along the centerline of Martin Luther King Boulevard until it becomes Front Street at French Street; thence along Front Street to its intersection with the centerline of North Walnut Street, the point and place of beginning; and

(2)

Beginning at the centerline of 4th Street at its intersection with Shipley Street, thence along Shipley Street to its intersection at the centerline of Martin Luther King Boulevard, thence along Martin Luther King Boulevard to its intersection with the boundary line of the existing business improvement district; and

(3)

Beginning at the centerline of Walnut Street at its intersection with 8th Street, thence along Walnut Street to its intersection with 13th Street, thence along 13th Street to its intersection with the boundary line of the existing business improvement district; and

(4)

The North Market Street Bridge, only to include the roadway and everything above it, from its beginning at the intersection of East 16th Street and King Street, thence across the Brandywine Creek to the northern terminus of the Bridge; and

(5)

The Washington Street Bridge, only to include the roadway and everything above it, from its beginning at the northern property line of the Wilmington Medical Center, thence across the Brandywine Creek to the northern terminus of the Bridge.

(d)

Duration of WDBID. The WDBID shall have an initial duration of existence of five years, unless extended by ordinance for a longer duration prior to the expiration of the initial five years. The initial five-year term of existence of the WDBID, which expired on October 1, 1999, was extended ten years from that date and will expire on October 1, 2009. That ten-year term is hereby extended and will expire on October 1, 2019.

(e)

Management company. The WDBID shall be governed by a management company specifically authorized by this ordinance and organized under the not-for-profit corporation provisions of the Delaware General Corporate Law, which management company shall be known "WDBID management company" (hereafter, the "company").

(1)

Certificate of incorporation. The city solicitor as incorporator of the company shall prepare and cause the certificate of incorporation attached here to as Exhibit 2 to be filed with the Secretary of State of Delaware within 30 days of the effective date of this article.

(2)

Membership of company and board of directors. The company shall be a corporation comprised of 35 directors (who shall also be the members of the company), not less than five of whom shall be either the owner of commercial property within the WDBID or the designee of an owner. The initial directors shall be appointed by the mayor and shall include the following: 11 representatives from the 11 business with the greatest total assessed valuation of real property within the WDBID; one representative of the state chamber of commerce; one representative of the New Castle County Chamber of Commerce; one representative of Wilmington 2000; five representatives of the Downtown Wilmington Business Association; three representatives of banks or thrifts located within the WDBID; three owners of downtown commercial properties within the WDBID having a real property assessment of less than $250,000.00; one representative of the hotel industry; one representative of the real estate community; one representative of the nonprofit sector; two representatives of private practice law firms located within the WDBID; and the following five nonvoting members who shall serve as designees of the mayor; a designee of the mayor's office, the city council president (or his designee), and the directors of the departments of public works and finance and chief of police (or their respective designees). The chair shall be appointed by the mayor. The terms of all directors shall be five years, with no term limitations. The board shall develop by-laws and secure federal 501(c) tax-exempt status.

(3)

Company reports. The company shall file with the finance department and the clerk of council of the city (i) quarterly written reports within 30 days of the close of each fiscal quarter of the company and (ii) an annual cumulative written report within 90 days of the end of the company's fiscal year. Each report shall include, at a minimum, a detailed financial statement audited in accordance with generally accepted auditing standards and a detailed summary of the services provided to the WDBID during the period reported. Each annual report also shall include a list of the assessments paid or owed by each assessable property in the WDBID. All annual financial statements shall have been audited by a firm of certified public accountants prior to submission to the finance department and the clerk of council. Each quarterly written report and annual written report shall be approved by the board of directors of the company prior to its filing with the finance department and the clerk of council.

(4)

Public review and comment. The company's annual operating plan, annual operating budget, and annual financial statements as contained in the annual cumulative written report provided for in subsection 44-153(e)(3) above shall be submitted for review and comment to the mayor and the clerk of the city council, who shall provide copies to each city council member, as well as to the Wilmington Economic Development Corporation and Wilmington 2000, Inc. and such other organizations as determined by the company.

(5)

Annual review by mayor and city council. Not less than annually, the mayor and city council shall review the performance of the company and shall prepare for public inspection a report which certifies that:

a.

The company is in compliance with its enabling ordinance, the sections of this article, its certificate of incorporation and by-laws and the provisions of 22 Del. C. ch. 15; and

b.

The company is fiscally sound and has provided an annual audit report using generally accepted auditing standards; and

c.

The company has not discriminated against any person based upon race, sex, national origin, religion, age or disability.

(6)

Duration. The company shall file a certificate of dissolution within 30 days of the earlier of (i) the date of termination of the WDBID pursuant to subsection 44-153(d) or (ii) the revocation by ordinance adopted by two-thirds of all the members of the council of the company's authority pursuant to 22 Del. C. § 1504(b)(5) to assess assessable properties within the WDBID, provided that any such revocation ordinance may defer for up to one year the date by which the certificate of dissolution must be filed.

(f)

Services. Except as limited by the enabling legislation, the WDBID may use proceeds of the special assessments to provide for the following services, directly or by contract: private security monitoring services; private site and sidewalk cleaning; sanitation services; acquisition, replacement, painting and maintenance of street furniture; snow removal; garbage removal; litter and debris removal; management, promotional, marketing, advertising and retail development services; landscape acquisition, replacement and maintenance; recreation and cultural activities; and any other services, activities, or improvements which will improve the safety, convenience, cleanliness, attractiveness or usefulness of the WDBID. The company may provide by agreement to any other business improvement district located within the city any of the services it provides to the WDBID. The company may provide by agreement to contract with the owners of any assessable property within the WDBID to maintain any publicly-owned properties within the WDBID which are maintained by such owners as of October 1, 1994.

Consistent with the provisions of Section 5-400(c) of the City Charter, WDBID through its office of downtown visions, shall be authorized to assist in the code enforcement efforts of the department of public works, regarding trash and garbage collection and the proper placement of trash and garbage at curb-side for collection by the department of public works. In so doing, the office of downtown visions may distribute circulars advising businesses and residents of the requirements of the City Code regarding trash and garbage placement at curb-side and may advise the department of public works and the department of licenses and inspections, respectively, insofar as issuance of code enforcement summonses for violations may be warranted.

(g)

Assessment base. The assessment base through which the annual budget of the WDBID shall be funded shall be the real property tax of the city.

(h)

Properties exempt from assessment.

(1)

All exclusively residential properties having not more than four rental units shall be exempt from assessment, provided that in order to effect such exemption the owner (or his agent) of such a property must file an affidavit with the city's finance department declaring that the property in question meets the requirements of the exemption, and provided further that the finance department shall be responsible for determining which properties qualify for such exemption.

(2)

All properties which are (i) exempt from the city's real property tax and (ii) owned by either churches or the federal, state or local government shall be exempt from assessment.

(3)

The finance department shall maintain and keep current a list of the exempt properties.

(i)

Limitations on assessments.

(1)

The base annual assessment for each assessable property shall be equal to (a) the ratio of such assessable property's assessment base to the total amount of the assessment base for all assessable properties in the WDBID multiplied by (b) the total service and improvement cost as reflected in the adopted budget for the respective fiscal year (less any allocated surplus or estimated revenue from other sources) (the "rate of assessment"), provided that the base annual assessment calculated according to the rate of assessment shall be reduced by 50 percent for organizations which are exempt from the city's real property tax but which are not exempt from assessment under subsection (h)(2). Any funds generated by assessments or contributions which are not expended during the fiscal year generated shall be applied towards the total service and improvement cost for the next fiscal year. Upon dissolution of the WDBID, the board of directors of the company shall distribute any surplus funds in accordance with its certificate of incorporation.

(2)

As to each assessable property, the amount of assessment calculated according to the rate of assessment shall not at any time exceed 15 percent of the city's real property tax rate per $100.00 of assessed value, provided that this limitation shall be adjusted for any increase in the cost of living, using the relevant consumer price index, but in no event by more than five percent from the prior fiscal year; further provided that this limitation (after any adjustment for cost of living) shall also be adjusted for any increase in the minimum wage mandated by federal or state law. In calculating the assessment base, WDBID shall include the estimated cost of such increase, together with the actual cost to it of such increase previously incurred if such increase became effective during the prior fiscal year and the estimated cost thereof was not included as part of the assessment base for such year.

(j)

Assessment billing. Each year the city finance department shall provide the company with a list of the assessed values of all properties located within the WDBID which are subject to assessment hereunder as well as the (i) name and address of the owner(s) of each such property and (ii) the address and parcel number of each such property. The WDBID's assessment bills shall be distributed annually by the company.

(k)

Collection of delinquent assessments. In accordance with 22 Del. C. § 1505(c), delinquent assessments shall be collectable by the city through its finance department in the same manner as the collection of a city real property tax delinquency, provided that an assessment shall be determined to be delinquent according to the same rules or method used for determining when a city real property tax payment is delinquent, and provided further that the company shall provide a list of delinquent assessments to the city finance department within 30 days after such assessments become delinquent.

(l)

Limitations on borrowing authority. The WDBID shall not borrow funds for a term beyond the termination day of the WDBID as set forth in subsection (d) above.

(m)

Credits for and interest on assessment overpayments.

(1)

If an assessment appeal to the county board of assessment review results in a reduction in the assessed valuation of any real property within the WDBID which is either not appealed or which is sustained in whole or in part upon final appeal, which reduction results in an overpayment of the WDBID assessment for any fiscal year for which the reduction is applicable, the property owner shall not be entitled to a refund of such assessment overpayment. Any such overpayment shall be a credit to the property owner's assessment account and will be used to offset any subsequent assessment obligation which has not yet been imposed with respect to the property for WDBID purposes.

(2)

No interest shall accrue on any assessment credit arising under this section as of the date of a payment of assessment under protest and continuing until the date on which the last principal amount attributable to the overpayment is credited to the property owner's assessment account. A payment under protest shall mean any payment of the entire amount of the WDBID assessment timely remitted to the WDBID for any fiscal year for which a subsequent reduction in property tax assessment shall be applicable. In the event that a property owner does not pay the assessment when due or pays less than the full amount of the assessment, then any applicable penalties and interest shall accrue on such delinquent assessments based on the property assessment at that time and not on the basis of a subsequent reduction in property assessment resulting from the appeal.

(3)

WDBID assessment credits shall be applied first to any outstanding assessment balance on the property upon which they accrued. Any credit remaining of record shall be applied to any assessment levied thereafter, and shall be credited as of the date upon which the obligation first constitutes a lien against the real property against which it is billed.

(4)

Subject to written application made to and approval by the WDBID, the WDBID may pay to the property owner, the amount that is due as an authorized refund.

(5)

The provisions of this section shall be applicable to appeals which have resulted in reductions of assessed value of real property for the tax year commencing July 1, 2000 and July 1, of each tax year thereafter, provided that a written request for a credit or refund, if applicable, has been delivered to the WDBID, and that a copy of the final order which resulted in the reduction of assessed value of the subject property has been provided to the director of finance and the WDBID.

(Ord. No. 94-053(sub 1), § 1, 9-15-94; Ord. No. 97-034, § 1, 7-10-97; Ord. No. 98-087, § 1, 8-13-98; Ord. No. 98-101, § 1, 9-30-98; Ord. No. 99-086, § 1, 9-23-99; Ord. No. 00-060, § 1, 6-15-00; Ord. No. 00-101(sub 1), § 1, 8-24-00; Ord. No. 06-083, § 1, 12-13-06)

Sec. 44-154. - Establishment of the Riverfront Wilmington Business Improvement District.

(a)

Purpose. The creation of the Riverfront Wilmington Business Improvement District is designed to revitalize the City's Christina Riverfront Commercial District by providing enhanced municipal services without the expenditure of public funds. The district is created pursuant to Chapter 15, Title 22, Delaware Code (hereinafter, the "Enabling Legislation").

(b)

Establishment. The mayor and council hereby create a Business Improvement District to be known as the "Riverfront Wilmington Business Improvement District" ("RWBID"), which district shall be bounded, governed and administered in accordance with this section.

(c)

Geographic boundaries. The geographic boundaries of the RWBID shall be as follows: The northern boundary commences at the southeastern comer of the intersection of Maryland Avenue and Martin Luther King, Jr. Boulevard, extends east along the southern curb of Martin Luther King, Jr. Boulevard (turning into Front Street) until its intersection with the property of Penn Central Railroad (near the intersection with Lombard Street), continues along the southeastern property line of Penn Central Railroad and ends at the western curb of North Church Street. The eastern boundary is the western curb of North Church Street continuing across Front Street on a straight line to the Christina River (provided that the entire parcel on the Christina River bisected by said straight line shall be included). The southern boundary runs from this point westward along the north bank of the Christina River to the western curb of Walnut Street; then south along the western curb of Walnut Street to its intersection with A Street; then west along the northern curb of A Street to the eastern curb of Market Street; then north along the eastern curb of Market Street to the north bank of the Christina River; then west and south along the northern bank of the Christina River to the limits of the City of Wilmington. The western boundary runs from this point north along the city limits line to its intersection with the southwestern curb of Linden Street; then southeast along the southwestern curb of Linden Street to its intersection with South Madison Street; then north along the eastern curb of South Madison Street to its intersection with Reed Street; then northwest along the northeastern curb of Reed Street to the intersection of Maryland Avenue; then north along the eastern curb of Maryland Avenue to the point of beginning at Martin Luther King, Jr. Boulevard.

(d)

Duration of RWBID. The RWBID shall have a duration of existence of ten years, unless extended by ordinance for a longer duration prior to the expiration of the first ten years. Pursuant to the authorization herein, the RWBID shall have a duration of an additional ten years to and including October 1, 2019.

(e)

Management company. The RWBID shall be governed by a management company specifically authorized by this ordinance and organized under the not-for-profit corporation provisions of the Delaware General Corporation Law, which Management Company shall be known as "RWBID Management Company" (hereinafter, the "company").

(1)

Certificate of incorporation. The city solicitor as incorporator of the company shall prepare and cause the Certificate of Incorporation attached hereto as Exhibit A [attached to Ord. No. 98-090] to be filed with the Secretary of State of Delaware within 30 days of the effective date of this section.

(2)

Membership of company and board of directors. The company shall be a non-profit membership corporation, managed by a board of directors, at least five of whom shall be representatives or designees of owners of commercial property within the RWBID. The board shall also include the following five non-voting ex officio members: the mayor, or a designee of the mayor's office, the city council president (or his designee), and the directors of the departments of public works and finance and the chief of police (or their respective designees). The terms of all voting directors shall be two years, with no term limitations. The board shall adopt by-laws and secure Federal 501(c) tax-exempt status.

(3)

Company reports. The company shall file with the finance department and the clerk of council of the city (i) quarterly written reports within 30 days of the close of each fiscal quarter of the company and (ii) an annual cumulative written report within 90 days of the end of the company's fiscal year. Each report shall include, at a minimum, a detailed financial statement and a detailed summary of the services provided to the RWBID during the period reported. Each annual report also shall include a list of the assessments paid or owed by each assessable property in the RWBID. All annual financial statements shall have been audited in accordance with generally accepted auditing standards by a firm of certified public accountants prior to submission to the finance department and the clerk of council. Each quarterly written report and annual written report shall be approved by the board of directors of the company prior to its filing with the finance department and the clerk of council.

(4)

Public review and comment. The company's annual operating plan, annual operating budget, and annual financial statements as contained in the annual cumulative written report provided for in subsection (3) above shall be submitted for review and comment to the mayor and the clerk of the city council, who shall provide copies to each city council member.

(5)

Annual review by mayor and city council. Not less than annually, the mayor and city council shall review the performance of the company and shall prepare for public inspection a report which certifies that:

(a)

The company is in compliance with its enabling ordinance, this section of this chapter of this article, its Certificate of Incorporation and By-Laws and the provisions of 22 Del. C, Ch. 15;

(b)

The company is fiscally sound and has provided an annual audit report using generally accepted auditing standards; and

(c)

The company has not discriminated against any person based upon race, sex, national origin, religion, age or disability.

(6)

Duration. The company shall file a Certificate of Dissolution within 30 days of the earlier of (i) the date of termination of the RWBID pursuant to subsection (d) above or (ii) the revocation by ordinance adopted by two-thirds of all the members of council of the company's authority pursuant to 22 Del, § 1504(b)(5) to assess assessable properties within the RWBID, provided that any such revocation ordinance may defer for up to one year the date by which the Certificate of Dissolution must be filed.

(f)

Services. Except as limited by the enabling legislation, the RWBID may use proceeds of the special assessments to provide for the following services, directly or by contract: private security monitoring services; private site and sidewalk cleaning; sanitation services; acquisition, replacement, painting and maintenance of street furniture; snow removal; garbage removal; litter and debris removal; management, promotional, marketing, advertising and retail development services; landscape acquisition, replacement and maintenance; recreation and cultural activities; and any other services, activities, or improvements which will improve the safety, convenience, cleanliness, attractiveness or usefulness of the RWBID. The company may provide by agreement to any other business improvement district located within the city any of the services it provides to the RWBID. The company may provide by agreement to contract with the owners of any assessable property within the RWBID to maintain any publicly-owned properties within the RVVBID.

(g)

Assessment base. The assessment base through which the annual budget of the RWBID shall be funded shall be the assessment base for the real property tax of the city (without reduction for any special abatements).

(h)

Properties exempt from assessment; properties subject to reduced assessment.

(1)

All exclusively residential properties having not more than four rental units shall be exempt from assessment, provided that in order to effect such exemption the owner (or his agent) of such a property must file an affidavit with the city's finance department declaring that the property in question meets the requirements of the exemption, and provided further that the finance department shall be responsible for determining which properties qualify for such exemption.

(2)

All properties (i) which are exempt from the city's real property tax and (ii) which are owned by either churches or the federal, state or local government shall be exempt from assessment.

(3)

The RWBID is authorized to provide for a lower rate of assessment or a minimum rate of assessment for any non-profit organization, within the RWBID, which is also exempt from the city's real property tax.

(4)

The finance department shall maintain and keep current a list of the exempt properties.

(5)

The RWBID is authorized to provide for a lower rate of assessment or a minimum rate of assessment for any property having not less than 75 percent of its square footage dedicated to residential use and which does not otherwise qualify for exemption pursuant to section 44-154(h)(3).

(i)

Limitations on assessments. The base annual assessment for each assessable property shall not exceed (a) the ratio of such assessable property's assessment base to the total amount of the assessment base for all assessable properties in the RWBID multiplied by (b) the total service and improvement cost as reflected in the adopted budget for the respective fiscal year (less any allocated surplus or estimated revenue from other sources) (the "Rate of Assessment"). Any funds generated by assessments or contributions which are not expended during the fiscal year generated shall be applied towards the total service and improvement cost for the next fiscal year. Upon dissolution of the RWBID, the board of directors of the company shall distribute any surplus funds in accordance with its Certificate of Incorporation.

(j)

Assessment billing. Each year the city finance department shall provide the company with a list of the assessed values of all properties located within the RWBID which are subject to assessment hereunder as well as the (i) name and address of the owner(s) of each such property and (ii) the address and parcel number of each such property. The RVVBID's assessment bills shall be distributed annually by the company.

(k)

Collection of delinquent assessments. In accordance with 22 Del. C. § 1505(c), delinquent assessments shall be collectable by the city through its finance department in the same manner as the collection of a city real property tax delinquency provided that an assessment shall be determined to be delinquent according to the same rules or method used for determining when a city real property tax payment is delinquent, and provided further that the company shall provide a list of delinquent assessments to the city finance department within thirty (30) days after such assessments become delinquent.

(l)

Limitations on borrowing authority. The RWBID shall not borrow funds for a term beyond the termination date of the RWBID as set forth in subsection (d) above.

(m)

Credits for and interest on assessment overpayments.

(1)

If an assessment appealed to the county board of assessment review results in a reduction in the assessed valuation of any real property within the RWBID which is either not appealed or which is sustained in whole or in part upon final appeal, which reduction results in an overpayment of the RWBID assessment for any fiscal year for which the reduction is applicable, the property owner shall not be entitled to a refund of such assessment overpayment. Any such overpayment shall be a credit to the property owner's assessment account and will be used to offset any subsequent assessment obligation which has not yet been imposed with respect to the property for RWBID purposes.

(2)

No interest shall accrue on any assessment credit arising under this section as of the date of a payment of assessment under protest and continuing until the date on which the last principal amount attributable to the overpayment is credited to the property owner's assessment account. A payment under protest shall mean any payment of the entire amount of the RWBID assessment timely remitted to the RWBID for any fiscal year for which a subsequent reduction in property tax assessment shall be applicable. In the event that a property owner does not pay the assessment when due or pays less than the full amount of the assessment, then any applicable penalties and interest shall accrue on such delinquent assessments based on the property assessment at that time and not on the basis of a subsequent reduction in property assessment resulting from the appeal.

(3)

RWBID assessment credits shall be applied first to any outstanding assessment balance on the property upon which they accrued. Any credit remaining of record shall be applied to any assessment levied thereafter, and shall be credited as of the date upon which the obligation first constitutes a lien against the real property against which it is billed.

(4)

Subject to written application made to and approval by the RWBID, the RWBID may pay to the property owner, the amount that is due as an authorized refund.

(5)

The provisions of this section shall be applicable to appeals which have resulted in reductions of assessed value of real property for the tax year commencing July 1, 2000 and July 1, of each tax year thereafter, provided that a written request for a credit or refund, if applicable, has been delivered to the RWBID, and that a copy of the final order which resulted in the reduction of assessed value of the subject property has been provided to the director of finance and the RWBID.

(Ord. No. 98-090, § 1, 8-13-98; Ord. No. 98-101, § 1, 9-30-98; Ord. No. 00-101(sub 1), § 2, 8-24-00; Ord. No. 06-025(sub 1), § 1, 6-15-06; Ord. No. 09-024, § 1, 5-21-09; Ord. No. 10-072, § 1, 11-18-10)