Section 4. The local municipal governing body shall hold a public hearing within sixty days of the receipt of a petition. Written notification of such hearing shall be sent to each property owner within the boundary of the proposed BID at least thirty days prior to such hearing, by mailing notice to the address listed in the property tax records. Notification of the hearing shall also be published for two consecutive weeks in a newspaper of general circulation in the area at least fourteen days prior to such hearing. Such public notice shall contain the proposed boundaries of the BID, the proposed fee level, the proposed benefits and the basis for determining the district fee.

Prior to the public hearing, the local municipal governing body shall direct the town clerk or city clerk or his designee to determine that the establishment criteria has been met as set forth in section three.

At the public hearing, the local municipal governing body shall determine if the petition satisfies the purposes set forth and the establishment criteria of this chapter and shall obtain public comment regarding the improvement plan and the effect the proposed BID will have on the property owners, tenants, and others within the BID. If it appears that said petition is not in conformity with the purposes and establishment criteria, the local municipal governing body shall dismiss the petition. At the public hearing, the presiding officer or clerk of said governing body shall read into the record the basis for determining the district fee pursuant to section seven and the process by which eligible property owners may vote not to renew such BID.

Within forty-five days after the public hearing, the local municipal governing body, in its sole discretion, may by a vote declare the district organized and describe the boundaries and service area of the district. Upon such declaration, the BID may commence operations.

Notice of the declaration of the organization of the BID shall be mailed or delivered to each property owner within the proposed BID. The notice shall explain that membership in the BID is irrevocable until the failure to renew the BID as provided in this section or the dissolution under section 10, and shall include a description of the basis for determining the district fee, the projected fee level and the proposed services to be provided by the BID. Such notice shall be published for 2 consecutive weeks in a newspaper of general circulation in the area, the last publication being not more than 30 days after the vote to declare the district organized.

Participation in the BID shall be permanent until after the discontinuation of the BID as provided in this section, or until the dissolution of the BID under section 10. A non-participating owner in the district shall become a participating member on the date of a renewal vote, as provided below. On or before the fifth anniversary of the organization of a newly created BID and on or before January 1, 2018 and the fifth anniversary thereafter of the date of the most recent renewal of the BID under this section, the board of directors of the BID or of its designated management entity shall call a renewal meeting of the BID members to review the preceding 5–year history of the BID, to propose an updated improvement plan to succeed the then current improvement plan and to consider whether to continue the BID. The renewal meeting shall be held at a location within the district. Notice of the meeting shall be given to participating members in the manner provided in the by-laws, at least 30 days prior to the meeting. The BID shall continue after each renewal meeting if a majority of participating property owners who are not more than 30 days in arrears in any payment due to the BID and are present at the renewal meeting, in person or by proxy, vote to renew the BID for a term of 5 years commencing on the first day of the next fiscal year of the BID.

If the eligible participating property owners elect not to continue the BID, the board shall conclude the business of the BID prior to the sixth anniversary of the BID's creation, or of the prior renewal vote, as the case may be, and proceed to discontinue the BID. Notice of the discontinuation vote shall be given to the local municipal governing board, which shall formally declare the BID dissolved as of such sixth anniversary; provided, however, that the BID shall not be dissolved until it has received the accounts receivable due to the BID and until it has satisfied or paid in full all of its outstanding indebtedness, obligations and liabilities, or until funds are on deposit and available therefor, or until a repayment schedule has been formulated and approved by the local municipal governing board. Except as necessary to conclude the business of the BID, the BID shall not incur any new or increased financial obligations after such sixth anniversary. Upon the dissolution of a BID, the remaining assets shall first be applied to repay obligations of the BID, and then in accordance with the improvement plan, as updated.

Nothing in this section shall prevent the filing of a subsequent petition for a similar project.