On the expiration of the dedication of an authority's sales and use tax rate increase revenue as provided by Section 451.206, the board shall decrease the authority's sales and use tax rate to its previous rate unless:
(1) the board determines that the revenue from the increased rate is necessary for purposes other than the regional economic development facilities portion of the station or terminal complex;
(2) the board submits the question of the continuation of the increased rate to the voters of the authority at an election held as provided by this chapter; and
(3) at the election, a majority of the votes received on the measure favor the continuation of the increased tax rate.