Collection of assessments

The following apply: (1) The governing body of a municipality or county that establishes a district is required to collect the assessments for that district using their present tax collection process and remit for payment of the local financing or owner financing. (2) The assessment shall be made only upon the qualifying commercial property whose owner has executed a written agreement with the governing body agreeing to the assessment and the entity providing financing for the qualified project. The entity providing financing for the qualified project may require the property owner to escrow or otherwise provide for the maintenance, repairs and insurance of the qualified project during the term of the assessment. A property owner or subsequent purchaser of a qualifying commercial property with an assessment may prepay the total assessment amount by paying the principal amount financed, accrued interest, fees, charges and any prepayment penalties as specified in the financing agreement and, upon prepayment, the assessment shall be released. (3) Proceeds may only be used to fund a local financing or an owner financing and lasts only for the term of the local financing or owner financing.