A parking and business improvement area may be established whenever the governing authority of any municipality shall by resolution establish such an area. The resolution shall contain the following information:
description of the boundaries of the proposed area;
the time and place of a hearing to be held to consider establishment of an area;
the proposed uses to which the additional revenue shall be put; and
the initial rate of increase, or additional levy, of the license privilege tax, with a breakdown by class of business if such classification is to be used.