To create a district, the governing body must adopt a resolution that: (1) Describes the boundaries of the district with sufficient definiteness to identify with ordinary and reasonable certainty the territory included; (2) Creates the district on a given date; (3) Includes a finding that the assessed value of the taxable property in the district plus the tax increment base of all other existing districts does not exceed: (a) For a district created by a first class municipality, seven and one-half percent of the total assessed value of all taxable property in the political subdivision; and (b) For all other classes, ten percent of the total assessed value of all taxable property in the political subdivision; (4) Assigns a name to the district for identification purposes. The first district created in each political subdivision must be known as "Tax Increment Financing District Number One, City (or Town, or County) of __________." Each subsequently created district must be assigned the next consecutive number; and (5) Demonstrates that the district has been reviewed by all affected taxing districts at a public meeting held pursuant to chapter 1-25 , provided that the affected taxing districts may provide input but do not have authority to approve or reject the creation of the district.
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