On the expiration of the dedication of an authority’s sales and use tax rate increase revenue as provided by § 451.206, the board shall decrease the authority’s sales and use tax rate to its previous rate unless:
(1) the board determines that the revenue from the increased rate is necessary for purposes other than the regional economic development facilities portion of the station or terminal complex;
(2) the board submits the question of the continuation of the increased rate to the voters of the authority at an election held as provided by this chapter; and
(3) at the election, a majority of the votes received on the measure favor the continuation of the increased tax rate.