Sec. 4. A county executive, a municipal legislative body, or, in Marion County, the county fiscal body, may adopt an ordinance designating a geographic territory as an infrastructure development zone after:
(1) conducting a public hearing on the proposed ordinance;
(2) publishing notice of the public hearing in the manner prescribed by IC 5-3-1; and
(3) making the following findings:
(A) Adequate eligible infrastructure is not available in the zone.
(B) Providing a property tax exemption to a person for investing in eligible infrastructure in the zone will provide:
(i) opportunities for increased natural gas usage, increased availability of broadband service, advanced services, and public water or wastewater service; and
(ii) economic development benefits;
in the zone.