§ 15-9-207 — Board; powers and duties; division of property and sales tax; special fund; adjustment evaluations

Wyoming § 15-9-207

• Jurisdiction: Wyoming
• Title 15: Cities and Towns
• Ch. 9: URBAN RENEWAL
• Art. 2: DOWNTOWN DEVELOPMENT AUTHORITY

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(a) The board, subject to the provisions of this article
and subject to other applicable provisions of law, shall have
all powers customarily vested in the board of directors of a
corporation. It shall exercise supervisory control over the
activities of the director and the staff of the authority in
carrying out the functions authorized by this article.
(b) In addition to the powers granted by subsection (a) of
this section, the board may:
(i) Appoint and remove a director and other staff
members, who shall be employed upon recommendation of the
director, and prescribe their duties and fix their compensation;
(ii) At the request of the governing body, prepare an
analysis of economic changes taking place in the central
business district of the municipality;
(iii) Study and analyze the impact of metropolitan
growth upon the central business district;
(iv) Plan and propose, within the downtown
development area, plans of development for public facilities and
other improvements to public or private property of all kinds,
including removal, site preparation, renovation, repair,
remodeling, reconstruction or other changes in existing
buildings which may be necessary or appropriate to the execution
of any development plan which in the opinion of the board will
aid and improve the downtown development area;
(v) Implement, as provided in this article, any plan
of development, whether economic or physical, in the downtown
development area as is necessary to carry out its functions;
(vi) In cooperation with the planning board and the
planning department of the municipality, develop long-range
plans designed to carry out the purposes of the authority and to
promote the economic growth of the district, and implement
education and public relations programs to persuade property
owners and business proprietors to implement such plans to the
fullest extent possible;
(vii) Retain and fix the compensation of legal
counsel to advise the board in the proper performance of its
duties;
(viii) Make and enter into all contracts necessary or
incidental to the exercise of its powers and the performance of
its duties.
(c) Notwithstanding any law to the contrary, any plan of
development as originally adopted by the board or as later
modified pursuant to this article may, after approval by the
governing body of the municipality, contain a provision that
property taxes, if any, levied after the effective date of the
approval of the plan of development by the governing body upon
taxable property within the boundaries of the development area
each year, or that municipal sales taxes collected within the
area, or both, shall be divided for a period not to exceed
twenty-five (25) years after the effective date of approval by
the governing body of the provision, as follows:
(i) That portion of the property taxes which are
produced by the levy at the rate fixed each year by the
governing body upon the valuation for assessment of taxable
property within the boundaries of the development area last
certified prior to the effective date of approval by the
governing body of the plan, or, as to an area later added to the
boundaries of the development area, the effective date of the
modification of the plan, or that portion of municipal sales
taxes collected within the boundaries of the development area in
the twelve (12) month period ending on the last day of the month
prior to the effective date of approval of the plan, or both,
shall be paid into the treasury of the municipality;
(ii) That portion of the property taxes or all or any
portion of the municipal sales taxes, or both, in excess of such
amount shall be allocated to and, when collected, paid into a
special fund of the municipality and used, as determined by the
authority and the governing body of the municipality, for the
payment of the principal of, the interest on, and any premiums
due in connection with the bonds of, loans or advances to, or
indebtedness incurred by, whether funded, refunded, assumed or
otherwise, the municipality for financing or refinancing, in
whole or in part, a development project within the boundaries of
the development area and for payment of costs of landscaping or
other maintenance of public areas, promotion of public events,
activities in support of business recruitment and development
and funding of capital improvements. Any excess municipal sales
tax collection not allocated pursuant to this paragraph shall be
paid into the funds of the municipality. Unless and until the
total valuation for assessment of the taxable property within
the boundaries of the development area exceeds the base
valuation for assessment of the taxable property within such
boundaries, as provided in paragraph (i) of this subsection, all
of the property taxes levied upon the taxable property in the
development area shall be paid into the treasury of the
municipality. Unless and until the total municipal sales tax
collections in the development area exceed the base year
municipal sales tax collections in such area, as provided in
paragraph (i) of this subsection, all municipal sales tax
collections shall be paid into the funds of the municipality.
When such bonds, loans, advances and indebtedness, if any,
including interest thereon and any premiums due in connection
therewith, and including any refunding securities therefore,
have been paid, all taxes upon the taxable property or the total
municipal sales tax collections, or both, in the development
area shall be paid into the funds of the municipality.
(d) The special fund described in paragraph (c)(ii) of
this section and the tax monies paid into the fund may be
irrevocably pledged by the municipality for the payment of the
principal of, the interest on, and any premiums due in
connection with the bonds, loans, advances or indebtedness if
the question of issuing the bonds or otherwise providing for the
loans, advances or indebtedness and the question of the intended
pledge are first submitted for approval to the qualified
electors of the municipality at an election. The election shall
be called by resolution of the board adopted at a regular or
special meeting and approved by the governing body by a majority
vote. The election shall be held, conducted, canvassed and
returned in accordance with the Political Subdivision Bond
Election Law, W.S. 22-21-101 through 22-21-112.
(e) School districts which include all or any part of the
development area shall be permitted to participate in an
advisory capacity.
(f) In the event there is a general reassessment of
taxable property valuations in any county including all or part
of the development area subject to division of valuation for
assessment under subsection (c) of this section, or a change in
the sales tax percentage levied in any municipality including
all or part of the development area subject to division of sales
taxes under subsection (c) of this section, the portions of
valuations for assessment or sales taxes under both paragraphs
(i) and (ii) of subsection (c) of this section shall be
proportionately adjusted in accordance with the reassessment or
change.