Sec. 3. Units that wish to establish a development authority under this chapter must prepare and adopt a preliminary strategic economic development plan that includes provisions and general information concerning the following:
(1) The participating members of the development authority.
(2) The membership of the strategy committee under section 5 of this chapter.
(3) A timeline for submitting the comprehensive development plan under section 4 of this chapter.
(4) A strategy for attracting (or any projected) investments, grants, matching funds, or local tax revenue.