(1) The area comprising the authority shall consist of:
(2) (a) Property may be included in the area comprising the authority upon satisfying the following requirements:
(I) The owner of the property considered for inclusion must file a written petition to include property with the board; and
(II) The Pueblo county board of county commissioners and the city council of the city of Pueblo must recommend to the board that the property be included; and
(III) There must be a public hearing on the petition, preceded by at least ten days' notice of the hearing published in a newspaper of general circulation in Pueblo county.
(b) Subject to the provisions of this section, the board may approve, modify, or deny the petition and may impose such terms and conditions as it deems appropriate to further its duties and responsibilities.
(c) To approve or modify the petition, the board must take all of the following actions:
(I) Five members of the board must vote in favor of the petition or modification.
(II) The board must find that the requirements of subparagraphs (I) to (III) of paragraph (a) of this subsection (2) have been met.
(III) The board must find that there exists or will exist in the foreseeable future an interrelationship between the authority and the property contained in the petition and that the inclusion of the property in the authority will contribute to the fulfillment of the authority's duties.
(3) Property may be excluded from the boundaries of the authority in the same manner as provided in subsection (2) of this section for the inclusion of property in the boundaries; except that, to approve a petition for exclusion, the board must find there does not exist or will not exist in the foreseeable future an interrelationship between the authority and the property contained in the petition for exclusion and that the exclusion of the property will not significantly adversely impact the authority's operating and bond retirement revenue.
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