§ 45-59-5. Contents of petition - Signers. (a) The written petition will be signed by persons who own real property located within the proposed district, and if the petition provides for one or more 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 management district and a district management authority.

(2) The name of the district management authority.

(3) A description of the proposed management district and any subdistrict sufficient to reasonably identify the boundaries of the proposed district and a map delineating the boundaries of the management district and any subdistrict. The boundaries of a district or subdistrict may be described by reference to streets or highways.

(4) The purposes for which the district management authority is to be created which may be all of the purposes set forth in this chapter or only those specifically set forth in the petition. The purposes of the district management authority in any subdistrict may be different from those in a management district.

(5) Any limitations on the powers of the district management authority which may include limitations on the amount of the special tax assessment which the district management authority is permitted to make.

(6) A statement that more than fifty percent (50%) of area of the land located within the proposed district is devoted to commercial and retail uses.

(7) The factors upon which the special tax assessment provided in this chapter will be based which factors may be any one or a combination of: (i) assessed valuation as of the date provided in § 44-5-1, (ii) square footage of land or improvements, (iii) linear footage along street fronts, (iv) formulas reflecting that different areas or zones within the management district will have greater or lesser benefit from the activities to be undertaken by the district management authority, (v) formulas establishing different assessment levels for different classes of real property, or (vi) any other method which reasonably apportions the expenses of the activities of the district management authority among the owners of real property within the management district which is benefited by the activities of the district management authority. Different factors may be used for the purposes of a special tax assessment in a subdistrict.

(8) The name of a non-profit corporation designated by the petitioners as being representative of the business community within the municipality which will have the appointive powers provided in this chapter with respect to the governing board. The non-profit organization will be one which has qualified under § 501(c) of the Internal Revenue Code of 1986 [26 U.S.C. § 501(c)], as amended, and has received a determination 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 more persons who are authorized on behalf of the petitioners to modify or amend the petition prior to the passage of the ordinance or resolution.

History of Section. (P.L. 2001, ch. 205, § 1; P.L. 2001, ch. 373, § 1.)