Plain English Breakdown
The exact allocation percentages (46.67% and 6.66%) are used instead of specific dollar figures to align with the bill text.
Cheatham County Development Tax Allocation Act
This act changes how the Cheatham County Development Tax is allocated among funds for education and public works.
What This Bill Does
- Changes how the existing $7,500 impact fee in Cheatham County is spent.
- Allocates approximately $3,500 of the fee to the county's Education Debt Service Fund.
- Sets aside another portion of the fund for school building construction and renovation within the same fund.
- Directs about $500 towards the Highway and Public Works Fund.
Who It Names or Affects
- Cheatham County residents who pay the development tax.
- The county government managing these funds.
Terms To Know
- Impact Fee
- A fee charged to developers or property owners for new construction projects, used to cover costs related to infrastructure and services needed due to growth.
- Education Debt Service Fund
- A fund that pays off debts taken on by the county for school-related expenses like building schools.
Limits and Unknowns
- The changes will only take effect if approved by a two-thirds vote of Cheatham County's legislative body.
- Details about how and when this approval process will happen are not provided in the bill text.