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A. An EID may be initiated:

1. By the Council on its own motion;

2. Upon petition of one or more owners of property or businesses to be benefited specifically by the improvement; or

3. As part of a master economic development plan prepared by or for the City.

B. If a petition is filed, it shall include the proposed economic improvement plan. The City shall prepare the proposed economic improvement plan for EIDs initiated pursuant to (A)(1) and (A)(3) above.

C. Upon initiation of an EID, the Council shall schedule a public hearing to be held on the question of establishment of the district.