A. Any district created hereunder may be abolished by a resolution passed by the board of supervisors upon the petition of the owners of at least 51 percent of either the assessed value of land or land area, as the case may be, of real property in the district that (i) was unimproved on the date the district was created or (ii) was zoned for commercial and industrial use or used for such purposes located within the district at the time the petition for abolition is filed. The petition shall request the board of supervisors to abolish the district. The petition may also:
1. State whether the purposes for which the district was formed have been substantially achieved;
2. State whether all obligations theretofore incurred by the district have been fully paid; and
3. Describe the benefits that can be expected from the abolition of the district.
B. Upon receipt of such a petition, the board of supervisors shall use, mutatis mutandis, the standards and procedures described in § 15.2-4802, except that all interested persons who either reside in 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 board of supervisors finds that the abolition of the district would be (i) in accordance with the applicable county 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 either have been paid and the purposes of the district have been fulfilled or should not be fulfilled by the district, or that the board of supervisors, with approval of the voters of the county, has agreed to assume the debts of the district, then the board of supervisors shall pass a resolution abolishing the district. 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 Commonwealth.
D. Where unimproved property, regardless of zoning, is included in the resolution dissolving the district, the board of supervisors, upon approving the resolution, shall direct that a copy of the resolution be recorded in the land records of the circuit court for the judicial circuit in which that county is located, for each parcel of unimproved real property included in the district. For purposes of this section, “parcel” means tax map parcel.