Chapter 40O

Section 1. As used in this chapter the following words shall, unless the context clearly requires otherwise, have the following meanings: ''Business improvement district board of directors'' or ''Board of directors'', a locally designated board of property owners or their designe…

Section 10. A BID may be dissolved by petition to the local municipal governing body and a subsequent decision by such governing body to authorize dissolution. In order to be considered by the local municipal governing body, a petition to dissolve a BID shall contain the signatur…

Section 2. The rights and powers of a BID approved by a municipal governing body shall include: retaining or recruiting business; administering and managing central and neighborhood business districts; promoting economic development; managing parking; designing, engineering, cons…

Section 3. The organization of a BID shall be initiated by a petition of the property owners within the proposed BID which shall be filed in the office of the clerk of the municipality. Such petition shall contain: (1) the signatures of the owners of at least fifty-one percent of…

Section 4. The local municipal governing body shall hold a public hearing within sixty days of the receipt of a petition. Written notification of such hearing shall be sent to each property owner within the boundary of the proposed BID at least thirty days prior to such hearing, …

Section 5. Each BID shall have a board of directors who shall oversee the management entity to insure the implementation of the improvement plan. The BID board of directors shall be designated by a majority vote of the electors, or their designees, who own real property participa…

Section 6. All real property located within the proposed BID shall be considered in the fee formula for the supplemental services and programs as outlined in the improvement plan. The municipality may exempt from fees certain properties, specifically classified as: (1) owner-occu…

Section 7. By formal approval of a BID, the local municipal governing body shall adopt the district fee structure for the financing of items submitted in the improvement plan for the BID; provided, however, that the total fees assessed in any one year may not exceed one-half of o…

Section 8. The collector-treasurer of each municipality is hereby authorized to collect such district fees in designated BIDs and to disburse the funds to the designated management entity. The district fees collected shall be used solely to fund items identified and approved in t…

Section 9. At any time after the establishment of a BID pursuant to the provisions of this chapter, the improvement plan upon which the establishment was based may, upon the recommendation of the BID board of directors, with the concurrence of the owners of at least fifty-one per…