Arkansas § 14-184-108 - Petition for organization — Notice and hearing.

§ 14-184-108. Petition for organization — Notice and hearing.

When persons claiming to be owners of two thirds (2/3) in assessed value, as shown by the last county assessment, of real property in the area proposed to comprise a central business improvement district, file with the city clerk a petition for the organization of a district for the purposes provided in this subchapter, it shall be the duty of the clerk to give notice that the petition will be heard at a meeting of the governing body named in the notice, which will be held more than fifteen (15) days after the filing of the petition. Notice shall be published once a week for two (2) weeks, the last insertion to be not less than seven (7) days before the date fixed for the hearing. The mayor, if he sees fit, may call a special meeting of the governing body for the purpose of hearing the petition. This called meeting shall be held not less than fifteen (15) days after the date of the call, and notice of the hearing shall be published for the time and in the manner stated in this subsection. The notice may be in the following form: This petition may limit the cost of the improvement either to a fixed sum or to a percentage of the assessed value of the real property in the district. The petition may also set forth the names of the persons whom the petitioners request be named as members of the board of commissioners of the district. “All owners of real property within the following described territory (here describe the territory to be included in the District) in the City of , are hereby notified that a petition has been filed with the City Clerk of the City of purporting to be signed by a two-thirds (2/3) in assessed value of the owners of real property within the territory, which petition prays that a Central Business Improvement District be formed embracing territory for the purpose of (here describe purpose and nature of improvements in general terms), and that the cost thereof be assessed and charged upon the real property above described. All owners of real property within the territory are advised that said petition will be heard at the meeting of the City Council to be held at the hour of , m . on the day of , 19 , and that at the meeting the Council will determine whether those signing the petition constitute two-thirds (2/3) in value of the owners of real property; and at the meeting all owners of real property within the territory who desire will be heard upon the question. City Clerk” Click to view form.