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 the assessed valuation of all real property within the proposed BID and sixty percent of the real property owners within the proposed BID; (2) a description of and a site map delineating the boundaries of the proposed BID; (3) the proposed improvement plan which shall set forth the supplemental services and programs, revitalization strategy, update mechanism, and budget and fee structures; (4) the identity and location of the management entity designated to implement and oversee the ongoing improvement plan; and (5) the criteria for waiving the fee for any property owner within the BID who can provide evidence that the imposition of such fee would create a significant financial hardship. Such petition may include a mechanism for reimbursing the municipality for the costs incurred in establishing the BID, and for costs incurred in collecting the district fees. A copy of said petition shall be filed with the secretary of economic development within thirty days of receipt of such petition by the clerk of the municipality.
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