For the purpose of establishing a business improvement district, an initiation petition may be presented to the legislative authority having jurisdiction of the area in which the proposed business improvement district is to be located. The initiation petition shall contain the following:
(1) A description of the boundaries of the proposed district;
(2) The proposed uses and projects to which the proposed special assessment revenues shall be put and the total estimated cost thereof; and
(3) The estimated rate of levy of special assessment with a proposed breakdown by class of business if such classification is to be used.
The initiating petition shall also contain the signatures of the persons who operate businesses or own business property in the proposed district which would pay fifty percent (50%) of the proposed special assessments.