1. (a) After conducting a hearing on the proposed economic improvement district, the legislative body may adopt an ordinance establishing the economic improvement district if it determines that:

   1. (1) the petition meets the requirements of this section and sections 4 and 5 of this chapter;
   2. (2) the economic improvement projects to be undertaken in the district will provide special benefits to property owners in the district and will be of public utility and benefit;
   3. (3) the benefits provided by the project will be new benefits that do not replace benefits existing before the establishment of the district; and
   4. (4) the formula to be used for the assessment of benefits is appropriate.

2. (b) The legislative body may adopt the ordinance only if it determines that the petition has been signed by:

   1. (1) a majority of the owners of real property within the proposed district; and
   2. (2) the owners of real property constituting more than fifty percent (50%) of the assessed valuation in the proposed district.
3. (c) The signature of a person whose property would be exempt from assessments under the ordinance may not be considered in determining whether the requirements of subsection (b) are met. In addition, the assessed valuation of any property that would be exempt from assessment under the ordinance may not be considered in determining the total assessed valuation in the proposed district.

As added by P.L.195-1988, SEC.1. Amended by P.L.25-1993, SEC.12; P.L.113-2010, SEC.135.