A legislative authority shall, after receiving a valid initiation petition under RCW 35.101.020, adopt a resolution of intention to establish an area. The resolution must state:

(1) The time and place of a hearing to be held by the legislative authority to consider the establishment of an area;

(2) A description of boundaries in the proposed area;

(3) The proposed area uses and projects to which the proposed revenues from the charge shall be dedicated and the total estimated cost of projects; and

(4) The estimated rate or rates of the charge with a proposed breakdown of classifications as described in RCW 35.101.050.