§ 14-184-112 - Plans and estimated cost of improvement. - Arkansas Statutes

14-184-112. Plans and estimated cost of improvement.

(a) (1) As soon as is practicable after the qualification of its members, the board of commissioners for a central business improvement district shall form plans for the improvement as described in the petition and shall obtain estimates of the cost of it.

(2) Prior to the filing of any assessment of benefits to accomplish the plan of improvement, a copy of the plans and the estimated cost for the accomplishment of the plans shall be filed in the office of the city clerk.

(b) The plan may provide for the construction of improvements, and other implementation of the plan, in such sequence and in such parts as the board shall determine from time to time to be most advantageous to the district.

(c) (1) The plan of improvement may be amended at any time by the board in order to include or delete such features as the board shall determine to be in the best interests of the district.

(2) (A) A copy of the plan, as amended, shall be filed in the office of the city clerk, and, if the original assessment of benefits shall not have yet been filed, no further notice shall be necessary.

(B) (i) If the assessment of benefits for the district shall have been filed and a levy of it enacted by ordinance, the board shall examine the amended plan and determine whether or not a reassessment of benefits shall be desirable.

(ii) If the board shall determine that a reassessment is desirable, the board shall direct that a reassessment be prepared and filed as in the case of any other reassessment. However, if the amended plan shall provide for the construction of additional improvements the costs of which are to be financed primarily from the issuance of bonds to be retired from the revenues from the additional improvements or from other sources, it shall not be necessary to reassess benefits.