§ 45-59-7. Creation of authority.
(a) After the hearing, the city or town council may approve the petition by ordinance
or resolution which will contain a finding to the effect that:
(1) The petition has been submitted by persons who own real property located within the
proposed district, and in any proposed subdistrict, constituting in the aggregate
sixty percent (60%) of the aggregate assessed valuation of all real property not exempt
from taxation by law; and
(2) A majority of the area of the land located within the proposed district is devoted
to commerc
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§ 45-59-7. Creation of authority.
(a) After the hearing, the city or town council may approve the petition by ordinance
or resolution which will contain a finding to the effect that:
(1) The petition has been submitted by persons who own real property located within the
proposed district, and in any proposed subdistrict, constituting in the aggregate
sixty percent (60%) of the aggregate assessed valuation of all real property not exempt
from taxation by law; and
(2) A majority of the area of the land located within the proposed 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 the records of the city or town assessors
to determine the ownership of real property located within the proposed district (barring
actual notice to the contrary).
(c) Upon the approval of the petition by the city or town council, a management district
and a district management authority will thereby be created. The city or town council
may approve or disapprove the petition; it will have no authority to create a management
district or district management authority which differs from that sought by the petition.