§ 45-59-7 - Creation of authority.
SECTION 45-59-7
§ 45-59-7 Creation of authority. –(a) After the hearing, the city or town council may approve the petition byordinance or resolution which will contain a finding to the effect that:
(1) The petition has been submitted by persons who own realproperty located within the proposed district, and in any proposed subdistrict,constituting in the aggregate sixty percent (60%) of the aggregate assessedvaluation of all real property not exempt from taxation by law; and
(2) A majority of the area of the land located within theproposed district is devoted to commercial and retail uses.
(b) For purposes of the finding required by subdivision(a)(1) of this section, the city or town council may conclusively rely on therecords of the city or town assessors to determine the ownership of realproperty located within the proposed district (barring actual notice to thecontrary).
(c) Upon the approval of the petition by the city or towncouncil, a management district and a district management authority will therebybe created. The city or town council may approve or disapprove the petition; itwill have no authority to create a management district or district managementauthority which differs from that sought by the petition.