A person that seeks to have a local government create a project area under this part, and to be a project participant within that project area, shall provide a local government with a written application that certifies that the applicant:
(1) is a party to a franchise agreement;
(2) is or will be operating the team that is subject to the franchise agreement:
(a) in an existing qualified stadium located within the project area to be created; or
(b) in a new qualified stadium that will be located within the project area;
(3) shows the existing and, as applicable, the proposed location and footprint of the qualified stadium;
(4) lists any public funds that are currently being received by, or are authorized to be received by:
(a) the applicant; or
(b) any major professional sports league team that is owned or operated by the applicant; and
(5) any proposals or information related to the application, including specific details about the franchise agreement or plans for a qualified stadium, a proposed boundary for the project area, proposals for land or stadium ownership arrangements or stadium revenue-sharing arrangements, or plans or requests for urban renewal or reconstruction.