Section 11-54B-44

Section 11-54B-44Requirements of a request for the creation of a self-help business improvement district.

A request for the creation of a self-help business improvement district shall contain all of the following:



(1) The signatures of a representative group of the owners of the nonexempt real property located within the geographical area of the proposed district. The group shall include the signatures of the owners of the nonexempt real property comprising at least 60 percent of the total fair market value of all nonexempt real property located in the proposed district and the signature of an owner of at least 50 percent of the parcels of property located within the proposed district. The county property tax assessment records shall determine ownership of real property and the fair market value. When record title to real property is vested in a public corporation or authority under a bond financing plan provided for by statute, the beneficial user of the real property in which title may ultimately be vested by purchase shall be deemed the owner of the real property.



(2) An accurate description, whether by metes and bounds, or by lot and block numbers, or by street addresses, of the proposed district.



(3) A self-help business improvement district plan that shall include all of the following:



a. A description of the supplemental services to be provided in the district.



b. A budget outlining the annual cost of the supplemental services described in paragraph a.



c. A description of the method which will be used to determine the amount of the special assessment to be levied on the owners of the real property located within the geographical area of the district to finance the supplemental services described in paragraph a.



d. The number of years, not to exceed five years, that the special assessments described in paragraph c. will be levied.



e. Copies of the articles of incorporation and bylaws of the district management corporation designated by the plan to provide the administrative and other services to the district.

(Act 2004-382, p. 626, §5.)