§ 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.