3. Prior to issuing its decision with regard to whether a village incorporation election shall proceed, the commission shall complete two studies after receiving a petition for village incorporation, which shall take the following form: a. The first study shall consist of a feasibility assessment, which shall examine the proposed village's ability to provide services to its population in an efficient manner. The feasibility study shall also evaluate the proposed village's fiscal capacity to provide these services; and b. The second study shall consist of an impact assessment that shall evaluate the fiscal and operational effects of incorporation on the surrounding town and the rest of the local area. These impacts shall include fiscal, service, political, environmental, and land use impacts. c. In addition to the studies required pursuant to each petition for village incorporation, the village incorporation commission shall also produce a report on its recommendations with regard to the village incorporation process pursuant to this article. Such report shall provide the commission's analysis and recommendations on the following:
- (i) The number of petitions required for a village incorporation petition;
- (ii) The population required to incorporate a village;
- (iii) Whether the signatures of the residents of such territory qualified to vote for town officers in the unincorporated part of such town that is not part of such territory where such village would be incorporated nor part of another village should be required in order to commence a proceeding for the incorporation of such territory as a village;
- (iv) Whether the residents of such territory qualified to vote for town officers in the unincorporated part of such town that is not part of such territory where such village would be incorporated nor part of another village would be entitled to vote in village incorporation elections;
- (v) Whether population density should be considered in the village incorporation process;
- (vi) Whether the requirements of this article are adequate to protect the fiscal, service, and taxation interests of the residents of the proposed village and those residents of the surrounding areas; and
- (vii) Any other information and recommendations the village incorporation commission deems relevant. d. The report required pursuant to paragraph c of this subdivision shall be published on the public facing portion of the department of state's website, and the secretary of state or his or her designee shall transmit the commission's findings and recommendations to the speaker of the assembly, the temporary president of the senate, and the governor on or before two years from the effective date of this section.