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91A.560 Petition requesting formation of management district.

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91A.560 Petition requesting formation of management district. (1) A city may initiate proceedings to establish a management district upon receipt by the mayor of a written petition requesting the formation of a management district. A <br>petition requesting the formation of a management district shall contain: <br>(a) The signatures and addresses of a number of real property owners, who together are the owners of fifty-one percent (51%) or more of the properties <br>within the proposed district and who are the owners of real property equal to <br>at least fifty-one percent (51%) of the assessed value of property within the <br>proposed management district; (b) An accurate description of the boundaries of the proposed management district; (c) An economic improvement plan that shall provide: 1. A description of the economic improvements to be provided within the <br>district; 2. A preliminary estimate of the annual costs of the proposed economic <br>improvements; and 3. The proposed method of assessing the costs of the economic <br>improvements against the properties; (d) The proposed makeup of the board of the management district, its powers and duties; and (e) The number of years in which the assessments are proposed to be levied, not to exceed five (5) years. (2) When a petition satisfying the requirements of subsection (1) of this section is received by the mayor, he shall forward it to the legislative body which may proceed <br>to enact an ordinance establishing a management district as provided in KRS <br>91A.565. History: Created 1990 Ky. Acts ch. 226, sec. 3, effective July 13, 1990.