Tennessee § 68-205-103 Imposition of voluntary special assessment to repay financing of qualified projects on commercial property

Tennessee Statutes

§ 68-205-103 — Imposition of voluntary special assessment to repay financing of qualified projects on commercial property

(a)A local government may impose a voluntary special assessment to repay the financing of qualified projects on commercial property located in a region.

(b)A local government shall not impose an assessment to repay the financing of the purchase or installation of products or devices not permanently affixed to commercial property.

(c)A local government may impose a voluntary special assessment only after a project application is approved. The special assessment must be created through a written contract between the local government and the record owner of the property to be assessed.

(d)Prior to entering into the written assessment contract, the record owner shall obtain and furnish to the local government a written statement, executed by each holder of a mortgage or deed of trust on th

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(a) A local government may impose a voluntary special assessment to repay the financing of qualified projects on commercial property located in a region. (b) A local government shall not impose an assessment to repay the financing of the purchase or installation of products or devices not permanently affixed to commercial property. (c) A local government may impose a voluntary special assessment only after a project application is approved. The special assessment must be created through a written contract between the local government and the record owner of the property to be assessed. (d) Prior to entering into the written assessment contract, the record owner shall obtain and furnish to the local government a written statement, executed by each holder of a mortgage or deed of trust on the property securing indebtedness, in the sole and absolute discretion of each holder of a mortgage or deed of trust on the property, that consents to the assessment and indicates that the assessment does not constitute an event of default under the mortgage or deed of trust.

Tennessee § 68-205-103 (Imposition of voluntary special assessment to repay financing of qualified projects on commercial property) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.