(a) After a hearing, a district located wholly in a county with a population of 2.8 million or more may exclude territory by making changes in the district's boundaries in accordance with an agreement among the district and the owners of two-thirds or more in acreage and two-thirds or more in taxable value, according to the most recent certified county property tax rolls, of a defined area of territory of a planned community.
(b) The agreement must be in writing and describe:
(1) the affected territory by metes and bounds, including the changes in the boundaries to be made;
(2) the amount of any compensation to be paid to the district under Section 775.205;
(3) the effective date for the changes in boundaries; and
(4) any other applicable terms.