1. (a) After receipt of a petition under section 4 of this chapter, the legislative body shall, in the manner provided by IC 5-3-1 , publish notice of a hearing on the proposed economic improvement district. The legislative body shall mail a copy of the notice to each owner of real property within the proposed economic improvement district. The notice must include the boundaries of the proposed district, a description of the proposed projects, and the proposed formula for determining the percentage of the total benefit to be received by each parcel of property.

2. (b) At the public hearing under subsection (a), the legislative body shall hear all owners of real property in the proposed district (who appear and request to be heard) upon the questions of:

   1. (1) the sufficiency of the notice;
   2. (2) whether the proposed economic improvement projects are of public utility and benefit;
   3. (3) whether the formula to be used for the assessment of special benefits is appropriate; and
   4. (4) whether the district contains all, or more or less than all, of the property specially benefited by the proposed project.

As added by P.L.195-1988, SEC.1.