§5213.__Capital improvement districts; public hearing; notice;

referendum votes

In order to establish a capital improvement district, a municipality shall adhere to the following procedures.

1.__Initial determinations.__In order to establish a capital improvement district, the municipal officers shall establish all the public elements of the proposed capital improvement district for presentation to the residents of the municipality at a public hearing held pursuant to subsection 3. The municipal officers shall:

A.__Determine the proposed boundaries of the capital improvement district;

B.__Identify each separate parcel of property within the proposed capital improvement district and the parcel's owner of record;

C.__Describe all improvements to the proposed capital improvement district that need to be made;

D.__Calculate an estimate of the costs of the proposed improvements;

E.__Calculate the assessed shares and the contingency fee of no more than 25% of that assessment to the property owners in the proposed capital improvement district;

F.__Establish the proposed duration of the payment period for the assessed shares;

G.__ Describe specifically the public elements of the capital improvement district that may be accepted by the voters of the municipality; and

H.__Schedule the public hearing pursuant to subsection 3 and the referendum pursuant to subsection 4.

2.__Public notice.__The municipal officers shall provide posted notice of the public hearing held pursuant to subsection 3 in the same place and manner as the posting of a town meeting warrant and publish notice of the public hearing in a newspaper of general circulation within the municipality at least 14 days