AZ SB1161

Amends Arizona Revised Statutes Section 48-574 to authorize improvement districts to operate, maintain, repair, and improve retention and detention basins in addition to pedestrian malls, off-street parking facilities, and parkways.

Allows improvement districts to be formed by petition signed by all real property owners in the proposed district, with the governing body able to adopt a resolution ordering the improvement without publication and posting requirements.

Provides for financing through either ad valorem taxes or assessments proportional to benefits received by individual properties, with procedures established by the governing body.

Establishes a dissolution process allowing property owners to petition for district dissolution if more than 50% of property owners sign the petition, with dissolution occurring within 90 days of verification.

Prohibits reformation of a dissolved district for the same purpose within two years if the new district would include lands from the dissolved district, with exemption provided for districts in slum or blighted areas.