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14-184-201. Legislative determinations.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-184-201. Legislative determinations.
It is determined and declared by the General Assembly that:
(1) The deterioration of the central business districts of urban centers of the state is a threat to the property tax and other revenue sources of such municipalities;
(2) Funds for the improvement and modernization of property and for the acquisition of property for the purpose of improvement and modernization of the property in such areas are in many instances unavailable from established lending institutions at reasonable rates of interest;
(3) The public interest requires a convenient and reasonable source of permanent financing to enable the acquisition of property for the purpose of modernization and improvement and to enable property owners to make the needed improvements in conjunction with plans of improvement undertaken, or to be undertaken, by central business improvement districts created under the authority of §§ 14-184-101 — 14-184-130; and
(4) Such improvements will:
(A) Operate to eliminate and prevent urban blight and decay;
(B) Provide for the modernization of properties within the central business districts thus improving the local tax structure, reducing crime and disease, and other hazards to persons and property; and
(C) Be of general public benefit.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-184-201
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:14-184-201
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 0131df1495738c8b30ad54a07c637d43d0a6e46e2c5350c85ca61120bd451cf8
Source location: content.xml paragraph 42788
Stored source content
14-184-201. Legislative determinations.
It is determined and declared by the General Assembly that:
(1) The deterioration of the central business districts of urban centers of the state is a threat to the property tax and other revenue sources of such municipalities;
(2) Funds for the improvement and modernization of property and for the acquisition of property for the purpose of improvement and modernization of the property in such areas are in many instances unavailable from established lending institutions at reasonable rates of interest;
(3) The public interest requires a convenient and reasonable source of permanent financing to enable the acquisition of property for the purpose of modernization and improvement and to enable property owners to make the needed improvements in conjunction with plans of improvement undertaken, or to be undertaken, by central business improvement districts created under the authority of §§ 14-184-101 — 14-184-130; and
(4) Such improvements will:
(A) Operate to eliminate and prevent urban blight and decay;
(B) Provide for the modernization of properties within the central business districts thus improving the local tax structure, reducing crime and disease, and other hazards to persons and property; and
(C) Be of general public benefit.
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Arkansas Code — all titles (historical 2020) · legal_authorities
14-184-101. Title.
This subchapter may be referred to and cited as the “Central Business Improvement District Act.”
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-184-101
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 14-184-101. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-184-130. Dissolution of district.
(a) A central business improvement district created under this subchapter shall continue in existence in perpetuity unless dissolved by ordinance of the governing body to be enacted solely in the manner provided in this section:
(1) A majority of the board of commissioners and a majority in value of the owners of real property in the district may petition the governing body for the dissolution of the district; or
(2) The owners of real property in the district comprising two-thirds (2/3) in value of the real property may petition the governing body for the dissolution of the district;
(3) Upon the filing with the clerk or recorder of the municipality in which the district is located of a petition in accordance with subdivision (1) or (2) of this subsection, it shall then be the duty of the governing body to adopt an appropriate ordinance dissolving the district and providing for the distribution of its assets.
(b)(1) If practicable, all funds of the district remaining after the payment of any outstanding indebtedness shall be distributed pro rata to the owners of real property within the district in proportion to the assessment of benefits as it appears according to the most recent reassessment of them; otherwise, funds which cannot be practicably refunded shall be paid to the municipality in which the district is located for its general account.
(2) Title to all personal property owned by the district and title to all real property, improvements, easements, and other rights constructed or acquired by the district shall, unless otherwise provided in any conveyance, easement, or grant of right, pass to the municipality in which the district is located.
(c) No district shall be dissolved at any time during which there sha
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-184-130
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 14-184-130. This identifies an authority to review, not proof of applicability.