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As an alternative to imposing assessments on real property to pay for economic improvement projects, the Council, on its own motion or after receiving a petition for the formation of an economic improvement district signed by 33 percent or more of persons conducting business within the proposed district, may enact an ordinance establishing a procedure to be followed in imposing a business license fee surcharge to raise revenue for the cost of an economic improvement. An economic improvement district formed under this section shall include only areas zoned for commercial or industrial use. The business license fee surcharge shall be only for economic improvement projects that primarily benefit persons conducting business within the economic improvement district. An ordinance adopted under this section shall:

A. Describe the economic improvement project to be undertaken or constructed.

B. Contain a preliminary estimate of the probable cost of the economic improvement.

C. Describe the boundaries of the district in which property will be assessed.

D. Specify the number of years, to a maximum of five, in which business license fees for the economic improvement will be imposed.

E. Contain provision for notices to be mailed or delivered personally to affected persons that announce the intention of the Council to construct or undertake the economic improvement project and to impose a business license fee upon persons conducting business within the district for a part or all of the cost. The notice shall state the time and place of the public hearing and the amount of the business license fee.

F. Provide for a hearing not sooner than 30 days after the mailing or delivery of notices to affected persons at which the persons may appear to support or object to the proposed improvement and business license fee.

G. Provide that if, after the hearing, the Council determines that the economic improvement shall be made, the Council shall determine whether the businesses benefited shall bear all or a portion of the cost and shall determine, based on the actual or estimated cost of the economic improvement, the amount of the business license fee.

H. Provide that the Council shall consider the objections of persons subject to the proposed business license fee and may adopt, correct, modify or revise the proposed business license fee.

I. Provide that the business license fee will not be imposed and the economic improvement project terminated when written objections are received at the public hearing from more than 33 percent of persons conducting business within the economic improvement district who will be subject to the proposed business license fee. [Ord. NS-2182, 2012]