Before a municipal management district can be created, a petition must be submitted to the governing body of the municipality that includes the following:
(1) A resolution to the governing body in support of the creation of the district and signed by at least ninety percent (90%) of the property owners within the district representing at least ninety percent (90%) of the appraised property value within the district and at least ninety percent (90%) of the privately held land area within the district;
(2) The boundaries of the proposed district;
(3) The specific purposes for which the district will be created;
(4) The general nature of the work, projects, or services proposed to be provided;
(5) The method of establishing assessments for the district;
(6) A project cost estimate which shall not exceed two million dollars ($2,000,000); and
(7) A budget for operating and paying for improvements.