1.  A board of county commissioners may provide by ordinance for the formation of an unincorporated town that consists of territory that:

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(a) Is conveyed or transferred to the county, or authorized to be conveyed or transferred to the county, pursuant to a federal law that:

(1) Is enacted after January 1, 2000; and

(2) Conveys or transfers to the county, or authorizes to be conveyed or transferred to the county, at least 5,000 acres for the purpose of:

(I) Developing an airport and any related infrastructure; or

(II) Addressing noise compatibility issues related to an airport; or

(b) Is located not more than 1 mile from any territory described in paragraph (a).

2.  The ordinance adopted pursuant to subsection 1 must contain a clear designation of the boundaries of the unincorporated town, a listing of services to be provided, the number of members to serve on the town advisory board and the conditions which must be satisfied before the appointment of the first town advisory board. These conditions may include, without limitation, the number of residents, the level of services being provided and the extent of improvements in place.

3.  Before a board of county commissioners adopts an ordinance pursuant to subsection 1, the board of county commissioners shall hold a public hearing on the proposed ordinance and provide notice of such public hearing. Notice of the public hearing must, without limitation:

(a) Be mailed not less than 15 days before the date set for the public hearing to each owner of record of real property which is located within the boundaries of the proposed town, as shown in the records of the county recorder as of a date selected by the board of county commissioners that is not more than 90 days before the date of the public hearing;

(b) Set forth the date, time and place of the public hearing; and

(c) Include a copy of the proposed ordinance creating the town.