Section 5-37-40 - Establishment of improvement districts; written consent of owners(A) If the governing body finds that: (1) improvements would be beneficial within a designated improvement district;(2) the improvements would preserve or increase property values within the district;(3) in the absence of the improvements, property values within the area would be likely to depreciate, or that the proposed improvements would be likely to encourage development in the improvement district;(4) the general welfare and tax base of the city would be maintained or likely improved by creation of an improvement district in the city; and(5) it would be fair and equitable to finance all or part of the cost of the improvements by an assessment upon the real property within the district, the governing body may establish the area as an improvement district and implement and finance, in whole or in part, an improvement plan in the district in accordance with the provisions of this chapter. However, except in the case of an improvement district in which the sole improvements are the widening and dredging of canals and waterways that are connected to canals as described in Section 48-39-130(D)(10), owner-occupied residential property that is taxed, or will be taxed pursuant to Section 12-43-220(c), must not be included within an improvement district unless the owner, at the time the improvement district is created, gives the governing body written permission to include the property within the improvement district.(B) If an improvement district is located in a redevelopment project area created pursuant to Chapter 6, Title 31, the improvement district being created under the provisions of this chapter must be considered to satisfy items (1) through (5) of subsection (A). The ordinance creating an improvement district may be adopted by a majority of council after a public hearing at which the plan is presented, including the proposed basis and amount of assessment, or upon written petition signed by a majority in number of the owners of real property within the district that is not exempt from ad valorem taxation as provided by law. However, except in the case of an improvement district in which the sole improvements are the widening and dredging of canals and waterways that are connected to canals as described in Section 48-39-130(D)(10), owner-occupied residential property that is taxed, or will be taxed pursuant to Section 12-43-220(c), must not be included within an improvement district unless the owner, at the time the improvement district is created, gives the governing body written permission to include the property within the improvement district.Amended by 2012 S.C. Acts, Act No. 268 (HB 4033), s 2, eff. 6/20/2012.Amended by 2010 S.C. Acts, Act No. 290 (HB 4478), s 33, eff. 1/1/2011.Amended by 2010 S.C. Acts, Act No. 282 (SB 950), s 3, eff. 6/16/2010.2005 Act No. 109, Sections 7.A, 7.B, eff 6/2/2005; 1999 Act No. 118, Section 2; 1988 Act No. 505, Section 2; 1987 Act No. 160 Section 1; 1974 (58) 2813; 1962 Code Section 59-599.154.