For the purpose of establishing a tourism promotion area, an initiation petition must be presented to the legislative authority having jurisdiction of the area in which the proposed tourism promotion area is to be located. The initiation petition must include the following:

(1) A description of the boundaries of the proposed area;

(2) The proposed uses and projects to which the proposed revenue from the charge shall be put and the total estimated costs;

(3) The estimated rate for the charge with a proposed breakdown by class of lodging business if such classification is to be used; and

(4) The signatures of the persons who operate lodging businesses in the proposed area who would pay sixty percent or more of the proposed charges.