A. A transportation improvement district shall be created under this chapter only by the resolution of the local governing body of the locality in which the proposed district is located, upon the petition to the governing body (i) of the owners of at least 51 percent of either the land area or assessed value of land that is within the boundaries of the proposed district and that has been zoned for commercial or industrial use or is used for such purposes or (ii) in Chesterfield County, of 51 percent of the owners of land that is designated for such purposes in the county’s land use and transportation plan and is not zoned for residential use at the time the district is created. The roads, intersections, and rights-of-way thereof that form boundaries of these districts shall be considered as part of each respective district. Any proposed district may include any land within a town in such county. Such petitions shall:
1. Set forth the name and describe the boundaries of the proposed district;
2. Describe the transportation facilities proposed within the district;
3. Describe a proposed plan for providing such transportation facilities within the district and describe specific terms and conditions with respect to all commercial and industrial zoning classifications and uses, densities, and criteria related thereto that the petitioners request for the proposed district;
4. Describe the benefits that can be expected from the provision of such transportation facilities within the district; and
5. Request the local governing body to establish the proposed district for the purposes set forth in the petition.
B. Upon the filing of such a petition, the governing body shall fix a day for a hearing on the question of whether the proposed district shall be created. The hearing shall consider whether the residents and owners of real property within the proposed district would benefit from the establishment of the proposed district. All interested persons who either reside in or who own taxable real property within the boundaries of the proposed district shall have the right to appear and show cause why any property or properties should not be included in the proposed district. If real property within a town is included in the proposed district, the governing body shall deliver a copy of the petition and notice of the public hearing thereon to the town council at least 30 days prior to the public hearing, and the town council may, by resolution, determine if it wishes such property to be included within the proposed district and shall deliver a copy of any such resolution to the board of supervisors at the public hearing required hereunder; the resolution shall be binding upon the governing body with respect to the inclusion or exclusion of such properties within the proposed district. The petition shall comply with the provisions of this section with respect to minimum acreage or assessed valuation. Notice of the hearing shall be given by publication once a week for three consecutive weeks in a newspaper of general circulation within the locality. At least 10 days shall intervene between the third publication and the date set for the hearing.
C. If the local governing body finds the creation of the proposed district would be in furtherance of the applicable comprehensive plan for the development of the area, in the best interests of the residents and owners of real property within the proposed district, and in furtherance of the public health, safety, and general welfare, the governing body of the qualifying locality may, at its option, pass a resolution, which shall be reasonably consistent with the petition, creating the district and providing for the appointment of an advisory board in accordance with § 15.2-4704. The resolution shall provide (i) a description with specific terms and conditions of all commercial and industrial zoning classifications that shall be in force in the district upon its creation, together with any related criteria, and a term of years, not to exceed 20 years, as to which each such zoning classification and each related criteria set forth therein shall not be eliminated, reduced, or restricted, except upon the written request or approval of the owner of any property affected by a change, or as specifically required to comply with the Chesapeake Bay Preservation Act (§ 62.1-44.15:67 et seq.) or other state law and (ii) that the district shall expire either 35 years from the date upon which the resolution is passed or when the district is abolished in accordance with § 15.2-4714. After the public hearing, the local governing body shall deliver a true copy of its proposed resolution creating the district to the petitioning landowners or their attorney-in-fact. Any petitioning landowner may then withdraw his signature on the petition in writing at any time prior to the vote of the local governing body. If any signatures on the petition are withdrawn as provided herein, the local governing body may pass the proposed resolution in conformance herewith only upon certification that the petition continues to meet the provisions of subsection A with respect to minimum acreage or assessed value, as the case may be. After the local governing body has adopted resolutions creating the district, the district shall be established and the name of the district shall be “The ____ Transportation Improvement District.”