A. A recreational corridor channelization district may be established in an area that is the subject of a watercourse master plan by the following procedures:

1. 1. Any person desiring to propose the establishment of a district shall prepare and submit a memorandum of intent to the board of supervisors of the county in which the district is to be located. The memorandum of intent shall contain at least the following information:

   1. (a) A description of the boundaries of the proposed district and a detailed, accurate map of the area to be included in the district. The boundaries shall be of a width no smaller than the floodplain as identified by the national flood insurance program.
   2. (b) An estimate of the assessed valuation within the proposed district.

   3. (c) A planning agreement for the formation of the district. The planning agreement shall contain at least the following:

      1. (i) A description of the planned cost sharing agreements between the cities, towns and counties and other government entities and private parties regarding project planning and preparation.
      2. (ii) A description of the concept plan for initial improvements for the area in the district and a description of the preliminary long-term plan for the proposed district.
      3. (iii) A description of the proposed structure and membership for the project management oversight committee.
   4. (d) A copy of the watercourse master plan.
2. 2. Presentation to the board of supervisors of a petition that purports to be signed by the number of property owners that own more than twenty-five per cent of the real property in the proposed district and that shall be verified by the board of supervisors, which shall make a finding of fact as to the petition at the hearing called pursuant to paragraph 3. The district shall not be formed if a sufficient number of property owners do not sign the petition.
3. 3. On receipt of the memorandum of intent, the board of supervisors shall set a day for a hearing on the memorandum of intent. At any time before making a determination pursuant to paragraph 4, the board of supervisors may require that the memorandum of intent be amended to include any information that the board of supervisors deems to be relevant and necessary. For any memorandum of intent that requires cost sharing by the county, the board of supervisors shall hold a hearing and approve or deny cost sharing. For any other memorandum of intent, the board of supervisors may comment on the matter for up to ninety days after receipt of the memorandum.
4. 4. At any hearing called pursuant to paragraph 3, the board of supervisors shall hear those who appear for and against the proposal and may issue a preliminary approval for the district and for the furtherance of planning and project preparation.