(2) A description of how the Pine Tree Development Zone will be administered, including any related interlocal cooperative agreements;

(3) A description of the goals and objectives to be accomplished through the Pine Tree Development Zone;

(4) A description of the resources to be committed to the Pine Tree Development Zone by the applicant or applicants; and

(5) Plans for accomplishing the goals and objectives, including a marketing plan and related time line and milestones.

5.__Termination.__All Pine Tree Development Zone designations approved under this subchapter and all Pine Tree Development Zone benefits are terminated on December 31, 2018.

§5250-K.__Procedure

1.__Notice and hearing.__Before designating a Pine Tree Development Zone or adopting a development plan, the legislative body of each applicant unit of local government or the legislative body's designee must hold at least one public hearing.__Notice of the hearing must be published at least 10 days before the hearing in a newspaper of general circulation within the unit of local government.

2.__Vote of unit of local government legislative body.__Each applicant unit of local government must designate that portion of the Pine Tree Development Zone contained within its boundaries and take all actions required to satisfy the requirements of section 5250-J, subsection 2 by majority vote of its legislative body.

3.__Effective date.__The establishment of a Pine Tree Development Zone is effective upon designation by the commissioner.

4.__Administration of zone.__The participating units of local government may create an organization, designate an existing department or agency or enter into a contractual arrangement with a private entity to administer activities authorized under this subchapter.