4. The governing body of any eligible municipality may, by ordinance, establish a sports and entertainment district in order to encourage and promote the development of a project within the district. A sports and entertainment district shall consist of an area of the municipality designated in a project plan prepared by the developer. The project plan shall be approved by municipal ordinance, duly adopted by the governing body.

The ordinance shall include or incorporate:

a. a description of the proposed project, the anticipated period of construction, and a description and map of the proposed sports and entertainment district;

b. an estimate of the amount of tax revenues that are anticipated to be generated annually within the sports and entertainment district for that period of time covered by the project plan and an estimate of those revenues to be allocated to the project;

c. an assessment of the economic benefits of the project, including a projection of the value of private investment that is anticipated to be generated, directly or indirectly, in the sports and entertainment district as a result of the undertaking of the project or other proposed development within the sports and entertainment district;

d. documentation as to the necessary approvals relating to the project;

e. demonstration that at least $20 million in private investment has been committed to the project; and

f. documentation that the district has been identified in the appropriate plan.

L.2007, c.30,s.4.