The planning commission shall adopt a project plan for each district and submit the plan to the governing body. The plan shall include: (1) The kind, number, and location of all proposed public works or improvements within the district; (2) An economic feasibility study; (3) A detailed list of estimated project costs; (4) A fiscal impact statement that shows the impact of the district, both until and after the bonds are repaid, on all entities levying taxes on property in the district; and (5) A description of the methods of financing all estimated project costs and the time when related costs or monetary obligations are to be incurred. No expenditure may be provided for in the plan more than five years after a district is created unless an amendment is adopted by the governing body pursuant to § 11-9-23 .
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