3-63-2. Purpose of act.
96 words·~1 min read·
/nm/chapter-3-municipalities/article-63-business-improvement-districts/3-63-2·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The purpose of the Business Improvement District Act is to:
A. promote and restore the economic vitality of areas within municipalities by allowing the establishment of business improvement districts with the powers to provide for the administration and financing of additional and extended services to businesses within business improvement districts;
B. finance local improvements within those districts; and
C. provide municipalities and entrepreneurs a more flexible and proactive vehicle to collaborate in the revitalization efforts of their downtowns, commercial districts and central business districts.
History: Laws 1988, ch. 32, § 2; 1999, ch. 204, § 1.