A. The council, upon adoption of an ordinance creating a district, shall appoint a management committee that shall be responsible for the operation of the district in one of the following manners:
(1) the council shall appoint an existing downtown, community or central business district revitalization nonprofit corporation that operates within the boundaries of the district, to administer and implement the business improvement district plan; or
(2) the council shall appoint a management committee to administer and implement the business improvement district plan from nominees submitted by the owners of businesses and the owners of real property located in the district.
B. The management committee shall prepare and file annually with the council for its review and approval a budget and progress report for the district.
C. The management committee shall administer all improvements within the district.
D. The management committee shall recommend the annual assessment to be made by the council.
E. The management committee shall file annually with the council a report of the district activities for the preceding fiscal year, which report shall include a complete financial statement setting forth its assets, liabilities, income and operating expenses as of the end of the fiscal year and the benefits of the district's program to the real property and business owners of the district.
F. The management committee shall be a nonprofit corporation created pursuant to the Nonprofit Corporation Act [Chapter 53, Article 8 NMSA 1978].
History: Laws 1988, ch. 32, § 11; 1999, ch. 204, § 6.
The 1999 amendment, effective April 6, 1999, rewrote Subsection A, which formerly read "If the council adopts the ordinance creating the district, the council shall appoint a management committee from lists of names submitted by local area owners of businesses and owners of real property located in the district. The management committee shall be responsible for the operation of the district", and deleted "Chapter 53, Article 8 NMSA 1978" preceding "the Nonprofit Corporation Act" in Subsection F.
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