The governing body of a locality shall not adopt an ordinance creating a land bank entity pursuant to § 15.2-7501 or designating a planning district commission or an existing nonprofit entity pursuant to § 15.2-7512 until notice of intention to do so has been published twice in some newspaper published or having general circulation in the locality, with the first publication appearing no more than 28 days before and the second publication appearing no less than seven days before the hearing. The notice shall specify the time and place of a hearing at which affected or interested persons may appear and present their views. After the public hearing has been conducted pursuant to this section, the governing body shall be empowered to create a land bank entity or designate a planning district commission or an existing nonprofit entity.