KRS 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

petition requesting the formation of a management district shall contain:

(a) The signat ures and addresses of a number of real property owners, who

together are the owners of fifty -one percent (51%) or more of the properties

within the proposed district and who are the owners of real property equal to

at least fifty -one percent (51%) of the a ssessed value of property within the

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 p rovided within the

district;

2. A preliminary estimate of the annual costs of the proposed economic

improvements; and

3. The proposed method of assessing the costs of the economic

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

to enact an ordinance establishing a management district as provided in KRS

91A.565.