(1) The process for a specified county to designate an assessment area is initiated by the filing of a petition with the legislative body of the specified county.
(2) A petition under Subsection (1) shall:
(a) include a proposed management plan that:
(i) describes:
(A) the boundaries and duration of the proposed assessment area;
(B) each benefitted property proposed to be assessed;
(C) the total estimated amount of assessment to be levied against all benefitted properties for each year an assessment is levied;
(D) the method by which the proposed assessment is calculated;
(E) the beneficial activities to be paid by assessments for each year an assessment is levied;
(F) the total estimated amount of assessment to be expended on beneficial activities for each year an assessment is levied;
(G) the proposed source or sources of financing, including the proposed method and basis of levying the assessment in sufficient detail to allow each owner of benefitted property to calculate the amount of the assessment to be levied against the owner's benefitted property;
(H) any proposed benefit zones as described in Subsection 11-42b-102(2)(b)(ii); and
(I) the interest, penalties, and costs or other requirements of the proposed assessment;
(ii) establishes procedures for collecting the proposed assessment;
(iii) requires the legislative body to contract with a third party administrator to implement the proposed beneficial activities within the assessment area; and
(iv) includes a statement regarding the right of a benefitted property to impose a surcharge on guests of the benefitted property as provided in Subsection 11-42b-102(4); and
(b) be signed by a qualified number of owners.