A. Any district created under this chapter may be abolished by a resolution passed by the local governing body upon the joint petition of the commission and the owners of at least 51 percent of either the land area or assessed value of land located within the district in the locality. The joint petition:
1. May state whether the purposes for which the district was formed substantially have been achieved;
2. May state that all obligations theretofore incurred by the district have been fully paid;
3. May describe the benefits which can be expected from the abolition of the district; and
4. Shall request the local governing body to abolish the district.
B. Upon receipt of such a petition, the governing body shall use the standards and procedures described in subsections B and C of § 15.2-4702, mutatis mutandis; however, all interested persons who either reside on or who own real property within the boundaries of the district shall have the right to appear and show cause why the district should not be abolished.
C. If the governing body finds that the abolition of the district would be (i) in accordance with the applicable comprehensive plan for the development of the area, (ii) in the best interests of the residents and owners of the property within the district, and (iii) in furtherance of the public health, safety, and general welfare and that all debts of the district have been paid and the purposes of the district either have been fulfilled or should not be fulfilled by the district, or that the governing body, with the approval of the voters of the locality, has agreed to assume the debts of the district, then the local governing body shall pass a resolution abolishing the district and the district advisory board. Upon abolition of the district, the title to all funds and properties owned by the district at the time of such dissolution shall vest in the locality.