Only the owner of real property may request by petition the governing body to create a district consisting of such real property and to impose assessments therein to defray the cost of improvements. The petition must:
(1) be signed by owners of all real property within the proposed district as of the date of submission of the petition;
(2) contain a legal description of such real property; and
(3) contain:
(a) an improvement plan;
(b) the projected time schedule for the accomplishment of the improvement plan;
(c) the estimated cost; and
(d) the amount of the cost to be derived from assessments or from bonds or other obligations secured by assessments, together with the proposed basis and rates of assessments to be imposed within the district.