(A) The Board of Directors shall provide in the annual budget for the imposition of a rate of assessment on all benefited properties within the District. Such rate shall be sufficient to provide sufficient revenues to finance the current and projected economic improvements to be undertaken pursuant to the annual economic improvement plan.
(B) Assessments for the current and projected economic improvements shall be ratably apportioned among the benefited properties within the District based upon the assessed values of such properties as determined by the Jefferson County Property Valuation Administrator, in related to the total assessed value of all benefited property within the District. Properties owned and used by the Federal government, the Commonwealth of Kentucky or any political subdivision of the state, including the Louisville Arena Authority, shall not be assessed. The District may contract with the owners of any property exempt from property taxation or assessment for the provision of District services to such properties.
(C) The Board of Directors may enter into an agreement with the Metro Government for the collection of the assessments or otherwise provide for the collection of such assessments. The penalties and interest applicable to delinquent taxes shall be applied to delinquent assessments.
(D) Any owner of a benefited property may contest the assessment, provided that the assessment made by the PVA shall be conclusive as to the value of the property unless the property owner has successfully protested the amount of the assessment pursuant to KRS 133.120. All contests shall be in writing and shall be filed with the Board of Directors no later than 30 days after receiving notice of the assessment.
(E) A contesting property owner shall have the right to appear before the Board of Directors and present evidence. A record shall be made of the proceedings and the Board of Directors shall render a written decision. The decision of the Board of Directors may be appealed to the Circuit Court.
(F) The amount of any outstanding assessment on any property, and accrued interest and other charges, shall constitute a lien on the property. The lien shall take precedence over all other liens, whether created prior to or subsequent to the assessment, except a lien for state and Metro Government taxes, and prior improvement assessments, and shall not be defeated or postponed by any private or judicial sale, by any mortgage, or by any error or mistake in the description of the property or in the names of the owners. No error in the proceedings of the Metro Council shall exempt any property from the lien for the economic improvement assessment, or from payment thereof, or from the penalties or interest thereon, as herein provided.
(G) The Board of Directors is authorized, but is not required to impose an annual rate of assessment which shall not exceed $0.0831 per $100 of assessed value, adjusted by the Board of Directors, in its discretion, either each year by the change from the preceding year in the Consumer Price Index (All Urban Consumers) or in the manner set forth in the final sentence of this subsection (G). In determining the rate of assessment to be established for any given year or years, the Board of Directors shall take into consideration: the current operations of the Management District and the revenue needed (taking into consideration the costs of operation for the immediately preceding and current year and the reasonably projected cumulative increase or decrease in such costs for the forthcoming fiscal year) to maintain such existing operations; whether the Management District intends to expand its operations in the forthcoming fiscal year into one or more areas of operation permitted under § 160.02, and if so, the revenue reasonably forecasted to be needed to adequately fund such expanded area or areas of operation; and the change in the Consumer Price Index (All Urban Consumers) between the effective date of the most recent adjustment in the rate of assessment and the date on which the new proposed rate of assessment will become effective. In the event that the Board of Directors has not imposed, for any fiscal year, the maximum annual rate of assessment permitted hereunder (which shall include the Consumer Price Index adjustment mentioned in the first sentence of this subsection), then any Consumer Price Index adjustment for any forthcoming fiscal year shall be limited to the difference between the actual rate of assessment then in effect adjusted for the cumulative change in the Consumer Price Index (All Urban Consumers) for the current year and the immediately preceding year and the actual rate of assessment then in effect.
(H) The Board of Directors shall, within 90 days following the end of the fiscal year, contract with a certified public accountant to prepare an audit of all funds controlled by the Board of Directors. A copy of the audit report shall be furnished to the Metro Council and the Department of Finance and Budget.
(I) The Board of Directors shall prepare an annual report to the owners of benefited properties within the District evaluating the District's effectiveness and describing its accomplishments during the preceding fiscal year. The report shall be sent to the owner of each benefited property at such time that the annual economic plan and budget is sent pursuant to § 160.02. A copy shall also be provided to the Metro Council.
(J) Members of the Board of Directors shall adhere to the ethics rules. Violation of any provision thereof shall be cause for removal by the Mayor pursuant to § 160.01.
