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.

1. (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. (2) a description of and a site map delineating the boundaries of the proposed BID;
3. (3) the proposed improvement plan which shall set forth the supplemental services and programs, revitalization strategy, update mechanism, and budget and fee structures;
4. (4) the identity and location of the management entity designated to implement and oversee the ongoing improvement plan; and

5. (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.

Such petition shall contain: