§ 45-59-5 - Contents of petition – Signers.
SECTION 45-59-5
§ 45-59-5 Contents of petition –Signers. – (a) The written petition will be signed by persons who own real propertylocated within the proposed district, and if the petition provides for one ormore subdistricts, within the subdistricts, constituting, in the aggregate,sixty percent (60%) of the aggregate assessed valuation of all real property,not exempt from taxation by law. The written petition will set forth:
(1) A statement requesting the creation of a managementdistrict and a district management authority.
(2) The name of the district management authority.
(3) A description of the proposed management district and anysubdistrict sufficient to reasonably identify the boundaries of the proposeddistrict and a map delineating the boundaries of the management district andany subdistrict. The boundaries of a district or subdistrict may be describedby reference to streets or highways.
(4) The purposes for which the district management authorityis to be created which may be all of the purposes set forth in this chapter oronly those specifically set forth in the petition. The purposes of the districtmanagement authority in any subdistrict may be different from those in amanagement district.
(5) Any limitations on the powers of the district managementauthority which may include limitations on the amount of the special taxassessment which the district management authority is permitted to make.
(6) A statement that more than fifty percent (50%) of area ofthe land located within the proposed district is devoted to commercial andretail uses.
(7) The factors upon which the special tax assessmentprovided in this chapter will be based which factors may be any one or acombination of: (i) assessed valuation as of the date provided in §44-5-1, (ii) square footage of land or improvements, (iii) linear footage alongstreet fronts, (iv) formulas reflecting that different areas or zones withinthe management district will have greater or lesser benefit from the activitiesto be undertaken by the district management authority, (v) formulasestablishing different assessment levels for different classes of realproperty, or (vi) any other method which reasonably apportions the expenses ofthe activities of the district management authority among the owners of realproperty within the management district which is benefited by the activities ofthe district management authority. Different factors may be used for thepurposes of a special tax assessment in a subdistrict.
(8) The name of a non-profit corporation designated by thepetitioners as being representative of the business community within themunicipality which will have the appointive powers provided in this chapterwith respect to the governing board. The non-profit organization will be onewhich has qualified under § 501(c) of the Internal Revenue Code of 1986[26 U.S.C. § 501(c)], as amended, and has received adetermination letter from the Internal Revenue Service confirming its status(which determination letter continues to be in full force and effect.)
(b) In addition, the petition may designate one or morepersons who are authorized on behalf of the petitioners to modify or amend thepetition prior to the passage of the ordinance or resolution.