(a) A request for the creation of a self-help business improvement district must contain the following:
Terms Used In Alabama Code 11-54B-5
Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
property: includes both real and personal property. See Alabama Code 1-1-1
Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
real property: includes lands, tenements and hereditaments. See Alabama Code 1-1-1
Statute: A law passed by a legislature.
(1) The signatures of a representative group of the owners of the real property located within the geographical area of the proposed district. The group must include the signatures of the owners of real property which comprises at least one-half of the total fair market value of all real property located in the proposed district. Ownership of real property and the fair market value thereof shall be determined by the county property tax assessment records. When record title to real property is vested in a public corporation or authority under a bond financing plan provided for by statute, the beneficial user of the real property in which title may ultimately be vested by purchase shall be deemed the owner of such real property for purposes of this article.(2) An accurate description, whether by metes and bounds or by lot and block numbers or by street addresses, of the proposed district.(3) A self-help business improvement district plan that shall include:
a. a description of the supplemental services which will be provided in the district;b. a budget outlining the annual cost of the supplemental services described in paragraph a.;c. a description of the method which will be used to determine the amount of the special assessment which will be levied on the owners of the real property located within the geographical area of the district to finance the supplemental services described in paragraph a.;d. the number of years, not to exceed five years, in which the special assessments described in paragraph c. above will be levied; ande. copies of the articles of incorporation and by-laws of the district management corporation designated by the plan to provide administrative and other services to the district.(b) Act 2021-213 shall not affect the creation of a self-help business improvement district prior to April 15, 2021, but any district in existence prior to April 15, 2021, shall be subject to the remaining provisions of Act 2021-213.
