TITLE 50

MUNICIPAL CORPORATIONS

CHAPTER 26

BUSINESS IMPROVEMENT DISTRICTS

50-2624.  Notification in the event of lease or sale. (1) Within thirty (30) days of the lease or sale of property located within a business improvement district, the lessor of the subject property in the case of a lease, or the seller of the subject property in the case of a sale, is required to submit a written copy of the notification of the lease or sale and the identity of the lessee or purchaser, to the legislative authority.

(2)  The disclosures required by the provisions of this chapter shall be set forth in the following disclosure form. An alternative form may be utilized provided that the terms of such form shall be substantially similar to the terms set forth herein:

Business Improvement District Disclosure

Purchaser or lessee has received notification that the property purchased or leased is located within a business improvement district. Purchaser or lessee understands that they may be responsible to pay special assessments to the legislative authority responsible for the business improvement district.

I/we acknowledge receipt of a copy of this disclosure statement.

Seller/Lessor:	Buyer/Lessee:
……………………	……………………
Date: ………………	Date: ………………
……………………	……………………
Date: ………………	Date: ………………

History:

[50-2624, added 2003, ch. 204, sec. 3, p. 545.]