Upon receiving a recommendation from a business improvement board, the city council may create one or more business improvement districts. The city council, following a hearing, may establish or reject any proposed business improvement district or districts. If the city council decides to establish any business improvement district, it shall adopt an ordinance to that effect. This ordinance shall contain the following information:

(1) A statement that notice of hearing was given, including the date or dates on which it was given, in accordance with section 19-4029.01;

(2) The time and place the hearing was held concerning the formation of the business improvement district;

(3) A statement that a business improvement district has been established;

(4) The purposes of the business improvement district, and the public improvements and facilities to be included in such district;

(5) The description of the boundaries of the business improvement district;

(6) A statement that the businesses and users of space in the business improvement district shall be subject to the general business occupation tax or that the real property in the business improvement district will be subject to the special assessment authorized by the Business Improvement District Act;

(7) The proposed method of assessment to be imposed within the business improvement district or the initial rate of the occupation tax to be imposed; and

(8) Any penalties to be imposed for failure to pay the tax or special assessment.

The ordinance shall recite that the method of raising revenue shall be fair and equitable. In the use of a general occupation tax, the tax shall be based primarily on the square footage of the owner's and user's place of business. In the use of a special assessment, the assessment shall be based upon the special benefit to the property within the business improvement district.