If the territory proposed to be incorporated is within the jurisdiction of a local government boundary commission, then prior to filing a petition to incorporate the territory with the county clerk under ORS 221.031, the petitioners shall file the economic feasibility analysis described in ORS 199.476 (1) with the local government boundary commission for review and approval. The local government boundary commission shall review the feasibility analysis. On the basis of the review and after consultation with the petitioners, if necessary, the boundary commission shall approve or reject the economic feasibility analysis as presented or approve it as modified by the commission. Approval or rejection of the economic feasibility analysis shall be done by an order stating the reasons for the decision of the commission. Approval or rejection of an economic feasibility analysis filed under this section shall be accomplished not later than 120 days after the feasibility analysis is filed with the boundary commission.
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