(a) This section applies only to a general-law municipality:
(1) that has a population of less than 4,000;
(2) that is located in a county with a population of more than 800,000 that is adjacent to a county with a population of more than four million; and
(3) in which at least two-thirds of the residents reside within a gated community.
(b) A municipality shall release an area from its extraterritorial jurisdiction not later than the 10th day after the date the municipality receives a petition requesting that the area be released that is signed by at least 80 percent of the owners of real property located in the area requesting release.