(a) Promptly after adopting a resolution under Section 12A.001(c)(1) or receiving a petition under Section 12A.001(c)(2), the board of trustees shall hold a public hearing to consider whether the district should develop a local innovation plan for the designation of the district as a district of innovation.
(b) At the conclusion of the public hearing or as soon as possible after conclusion of the public hearing, the board of trustees may:
(1) decline to pursue designation of the district as a district of innovation; or
(2) appoint a committee to develop a local innovation plan in accordance with Section 12A.003.