The organization of such a district shall be initiated in either of two (2) methods:
(1)(A) By a petition filed in the office of the clerk of the governing body of the
municipality signed by not less than a majority in number of the owners of real property
in the district having an assessed value of not less than two thirds ( 2/3 ) of the assessed value of all the real property proposed to be included in the district;
(B) After the filing of the petition, no petitioner shall be permitted to withdraw
such petitioner's name from the petition;
(C) No petition with the requisite signatures shall be declared void on account of
formal or insubstantial defects. The governing body, at any time, may permit the petition to be amended to conform
to the facts by correcting any errors in the description of the territory, or in any
other particular. Similar petitions for the organization of the same district may be filed and together
shall be regarded as one (1) petition with the original. All such petitions filed prior to the hearing on the first petition filed shall
be considered by the governing body in the same manner as if filed with the first
petition placed on file;
(D) The petition shall set forth:
(i) The name of the proposed district, which shall include the name of the municipality
in which the district is to be located, together with the words, “Central Business
(ii) A general description of the boundaries of the district or the territory to be
included in the district, identified with sufficient certainty to enable a property
owner to determine whether or not such property owner's property is within the district;
(iii) A general description of the improvements to be constructed, installed or acquired
within and for the district;
(iv) The estimated cost of the proposed improvements; and
(v) A prayer for the organization of the district; or
(2) The governing body of a municipality may initiate the organization of a central
business improvement district by adoption of a resolution containing the matters prescribed
in subdivision (1)(D) for a petition.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.