(a) After receiving a petition that complies with § 372.005, the governing body of the municipality or county may appoint an advisory body with the responsibility of developing and recommending an improvement plan to the governing body.
(b) The composition of the advisory body must include:
(1) owners of taxable real property representing more than 50 percent of the appraised value of taxable real property liable for assessment under the proposal, as determined by the current roll of the appraisal district in which the property is located; and
(2) record owners of real property liable for assessment under the proposal who:
(A) constitute more than 50 percent of all record owners of property that is liable for assessment under the proposal; or
(B) own taxable real property that constitutes more than 50 percent of the area of all taxable real property that is liable for assessment under the proposal.