AI-assisted research summary: The municipality must hold a hearing within 90 days after the fifth annual budget is adopted and approved, and it must give at least 20 days’ notice by posting and mailing notice and the new management plan.
(a) Within 90 days after the adoption and approval of the fifth annual budget for any self-help business improvement district, the municipality shall set a hearing to determine whether the district should be continued, modified, or terminated. At least 20 days before the hearing, notice of the date, place, and time of the hearing shall be posted in at least three places within the district and mailed, along with the new district management plan, which shall contain the items described in subdivision (4) of Section 11-54B-44, to each real property or business owner who paid assessments to the district during the previous year as certified by an officer of the district management corporation collecting such assessments, the officers of the municipal revenue department, or the offices of county tax assessor and county tax collector, if they are the billing and collecting agency. (b) At this hearing, if a petition presented to the municipality objecting to the continuation of the district is signed by non-exempt real property owners representing 60 percent of the total fair market value of all real property located within the district and the owners of at least 50 per cent of the parcels of real property located within the district; or, alternatively with respect to a district funded by assessments against businesses of a particular class, signed by owners of businesses consistent with the signatures required under subdivision (2) of Section 11-54B-44, the district shall be terminated as of the end of the fiscal year next following the hearing.