I. Any 2 or more municipalities, subject to approval by the legislative body of each municipality, or, with the approval of the governor and council, the state and any municipality may enter into a cooperative agreement to share all or a specific part of the commercial, industrial, or residential assessed valuation located within the airport boundaries. Where approval of a town meeting is required, the agreement shall be presented as a separate article in the town warrant.
II. Any such agreement shall specify the following:
(a) Its duration, which shall be 10 years or more;
(b) A description of the tax base to be shared, including, but not limited to, the type of property, the location of the property and whether it is existing, planned, or future construction.
(c) The formula for sharing the property taxes generated through taxation of the valuation which is to be shared.
(d) Any other necessary and proper provisions.