Sec. 4. (a) A person that intends to file a petition for the establishment of an economic improvement district under this section must first provide written notice to the clerk (as defined in IC 36-1-2) in the case of a municipality, or the county auditor, in the case of a county, of the person's intent before initiating the petition process.

(b) A petition for the establishment of an economic improvement district may be filed with the clerk of the municipality or the county auditor not later than one hundred twenty (120) days after the date on which the notice of intent for the petition is filed with the clerk of the municipality or the county auditor under subsection (a). The petition must include the following information:

(1) The boundaries of the proposed district, including the boundaries of any zones to be established under section 5(b) of this chapter.

(2) The name and address of each parcel and owner of land within the proposed district and a description of the existing land use and zoning classification of each parcel.

(3) A detailed description of the economic improvement projects to be carried out within the proposed district, the estimated cost of these projects, and the benefits to accrue to the property owners within the district.

(4) A plan for the application of assessment revenue to the cost of the economic improvement projects within the district.

(5) A proposed formula for determining the percentage of the total benefit to be received by each parcel of real property within the district, in the manner provided by section 5 of this chapter.

(6) The number of years in which assessments will be levied.

(7) A proposed list of members for the board.

(c) The clerk of the municipality or the county auditor shall retain the paper copy of a petition filed under this section for not less than ninety (90) days from the date the petition is filed with the clerk of the municipality or the county auditor.

As added by P.L.195-1988, SEC.1. Amended by P.L.207-2018, SEC.1.