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