(a) The owners of nonexempt property who seek to establish a district corporation shall submit appropriate documentation as described in subsection (b) of this section to:

(1) the governing body of the county in which the proposed district is located; and

(2) if the proposed district is located within a municipal corporation, the governing body of the municipal corporation.

(b) The appropriate documentation required under subsection (a) of this section shall contain:

(1) a statement setting forth:

(i) the proposed name and address of the district corporation; and

(ii) the street address of each owner of nonexempt property within the proposed district;

(2) a statement expressing the intent to establish a district corporation that is signed by at least 80% of the owners of the total number of parcels of nonexempt property in the geographic area of the proposed district;

(3) a proposed 3-year business plan that contains:

(i) the goals and objectives of the proposed district;

(ii) the annual proposed business improvement district tax for the proposed district’s common operations and the formula used to determine each member’s district tax; and

(iii) the maximum amount and the nature of start-up costs incurred before the district’s establishment;

(4) a tax assessor’s map of the geographic area of the proposed district;

(5) a list of the proposed initial board of the proposed district corporation;

(6) the proposed articles of incorporation and the bylaws of the district corporation;

(7) for all nonexempt property within the proposed district:

(i) the name and mailing address of each owner; and

(ii) the most recent assessed value; and

(8) a list of the names and addresses of all commercial tenants within the geographic area of the proposed district.

(c) Within 45 days after receiving all appropriate documentation under subsection (b) of this section, the governing body of a county or municipal corporation shall schedule a public hearing on the application.