(a) The Mayor and Council or other governing body of any municipality of this State may create 1 or more business improvement districts comprising all or any portions of any area within such municipality which is either zoned for commercial use or predominantly used for commercial purposes. Such ordinance shall include the following:
(1) A description of the geographic boundaries of such district, including the geographic boundaries of any assessment zones within the district;
(2) A description of the authority or management company which will govern such district, which authority or management company shall be comprised of not less than 5 members or directors respectively who either own a commercial property within such district, or are the designee of such owner;
(3) A general description of the services and/or improvements which the district shall be authorized to provide;
(4) The specific assessment base through which the annual budget of the district shall be funded;
(5) If the district is divided into assessment zones, the percentage of the district's annual budget which each zone shall fund;
(6) Any limitations on the special assignment or borrowing authority of the district;
(7) The duration of the existence of the district, which shall not exceed 30 years;
(8) The properties to be exempted from the district; provided, that all residential properties having not more than 4 rental units shall be exempt, and provided further, that the municipality may specifically exempt all properties owned by organizations exempt from the municipality's real property tax; and
(9) The method, manner and frequency of reports which each such district must file with the municipality with respect to its affairs.
(b) The ordinance required by this section shall, in addition to any other applicable public notice procedures, be advertised in a periodical which is generally circulated within the area designated as the district not less than 10 days prior to its introduction. Such ordinance shall, unless the ordinance shall otherwise expressly provide, be effective 30 days after the date of its enactment.