Failure of Organization by Resolution — Amendment of Resolution — Rehearings
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In the event that such central business improvement district plan shall have been initiated by action of the governing body under § 7-84-202(2), such ordinance creating a central business improvement district shall not be adopted if written protests are filed with the governing body prior to the public hearing from owners representing more than one half (½) of the assessed value of all the property to be included in the district.
Failure of such ordinance by reason of protests having been filed by owners representing more than one half (½) of the assessed value of the property to be included in the district shall not bar the governing body from amending the district boundaries in such manner as to reduce the number of objectors to one half (½) or less of the assessed value of the district; provided, that a new public hearing shall be had on the amended district under the provisions hereinbefore established for such public hearings, and all of the procedures and provisions herein established shall be applicable to such second public hearing.
The governing body shall be permitted to amend the district boundaries only once in order to permit the adoption of such ordinance, and no petition shall be accepted nor resolution adopted by the governing body with respect to the same properties included in the original or amended proposed central business improvement district for a period of twelve (12) months following the failure of passage of such ordinance.