1. (a) The city-county legislative body may dissolve the commission under this section. Upon dissolution, this chapter ceases to have any force or effect, except with respect to actions previously commenced under section 62 of this chapter.

2. (b) At least one hundred fifty (150) owners of Meridian Street property or owners of fifty-one percent (51%) of Meridian Street property, whichever is less, may commence a proceeding to dissolve the commission by presenting a petition to do so to the city-county legislative body and by filing a duplicate of the petition with the commission. For purposes of a petition all of the persons having a legal or equitable interest in one (1) parcel of Meridian Street property are considered in the aggregate to be the single owner. For purposes of a petition one (1) parcel of Meridian Street property is considered to include at least two (2) contiguous parcels if the parcels are owned directly or indirectly by the same person. A person is considered an indirect owner of a contiguous parcel if the parcel is owned as follows:

   1. (1) Jointly with another person.
   2. (2) By the person with the person's spouse in tenancy by the entireties.
   3. (3) Directly or indirectly by the person's spouse.
   4. (4) By a child or grandchild, natural or adopted, unless the child or grandchild is the fee owner and an occupant of the parcel.

   5. (5) By a trust or an estate of which:

      1. (A) the person is a trustee, an executor, or an administrator; or
      2. (B) the person is empowered to direct the disposition of the parcel.
   6. (6) By a partnership of which the person is a limited or general partner.

   7. (7) By a corporation of which:

      1. (A) the person;
      2. (B) the person's spouse;
      3. (C) the person's children or grandchildren, natural or adopted;
      4. (D) a trust or an estate described in subdivision (5); or

      5. (E) a partnership described in subdivision (6);

         owns at least fifty percent (50%) of the voting stock.

3. (c) A petition presented to the city-county legislative body must state fully and precisely the grounds upon which the petitioners rely in seeking dissolution of the commission. The petition must, with respect to each of the petitioning owners, state accurately and completely the following:

   1. (1) The street address and the legal description of the property owned.

   2. (2) The names, addresses, and precise interest in the property of each person who with any other person constitutes the owner for purposes of this section. Each owner must sign the petition and acknowledge the execution before an officer legally entitled to take acknowledgements. If one (1) person signs a petition for or on behalf of another person, the individual signing must establish in a writing filed with the petition the power and authority to act for the person. A writing may include the following:

      1. (A) For a corporation, a certified copy of a resolution by the board of directors specifically authorizing the person to execute the petition.
      2. (B) For an individual, an executed and acknowledged power of attorney.
      3. (C) For a partnership, a certificate of authorization executed and acknowledged by each partner.
      4. (D) For an estate, a certified copy of a court order authorizing the action.
      5. (E) For a trust, a certified copy of the trust instrument showing the authorization.

4. (d) Not later than ten (10) days after presenting a petition to the city-county legislative body, the petitioning owners shall serve notice of the petition upon all interested parties, except the petitioning owners. For purposes of the notice all parcels of Meridian Street property are considered, in the aggregate, to be the subject property. The notice must specify the following:

   1. (1) The date of presentation.
   2. (2) The names of the petitioning owners.
   3. (3) The street address of the property of which each is the owner.
5. (e) The city-county legislative body may not consider a petition until more than sixty (60) days have elapsed since the date of presentation and shall at all times make the petition available for examination by any person. The city-county legislative body shall, not less than ten
6. (10) days before the date of the meeting at which the city-county legislative body proposes to consider the petition, do the following:
7. (1) Give public notice.
8. (2) Serve notice upon each neighborhood association and the commission.
9. (f) Before taking action on a petition, the city-county legislative body shall permit the petitioning owners and all parties appearing in opposition to the petition to have a full and adequate hearing.

10. (g) If the city-county legislative body dissolves the commission by resolution, the action is void unless the following conditions are met:

    1. (1) The petitioning owners have complied fully with this section.

    2. (2) The city-county legislative body's action is based upon a competent, substantial, and convincing showing that the continued existence of the commission and the continued operation of this chapter will not with any likelihood or to any significant degree accomplish purposes for which this chapter was enacted. In taking action the city-county legislative body may not consider testimony, argument, or other showing that continued existence of the commission or continued effectiveness of this chapter promotes or will promote continued single or double family dwelling residential usage of Meridian Street property at the expense of the value the property would or might otherwise have if freed from the restrictions of this chapter on commercial and multiple family residential development or usage of the property.

       [Pre-1995 Title 14 Recodification Citation: 14-3-3.2-22.]

As added by P.L.1-1995, SEC.83.