Section 2. (a) Notwithstanding any general or special law or charter provision to the contrary, a municipality, acting through its municipal governing body, may establish development zones under this chapter. In the event that 2 or more municipalities elect to jointly establish or consolidate contiguous development zones, the municipal governing body of each municipality wherein the development zone shall be located shall approve by a majority vote the petition for the establishment of such a development zone.

(b) The establishment of a development zone shall be initiated by the filing of a petition signed by all persons owning real estate within the proposed development zone in the office of the clerk of the municipality and the office of the agency. The petition shall contain at least:

(1) a legal description of the boundaries of the proposed development zone;

(2) the written consent to the establishment of the development zone and to the adoption of the improvement plan or an amended improvement plan, by the persons with the record ownership of 100 per cent of the acreage to be included in the development zone; provided, however, that any real estate owned by the commonwealth or an agency or political subdivision thereof, included in the boundaries of the development zone, shall not be included in the count of persons owning tax parcels or acreage in the proposed development zone for the purposes of this clause;

(3) the name of the proposed development zone;

(4) a map of the proposed development zone, showing its boundaries and any current public improvements which may be added to or modified by any improvements;

(5) the estimated timetable for construction of the improvements;

(6) estimates of any other private or public funding sources;

(7) the improvement plan for the proposed development zone; and

(8) the procedure by which the municipality shall be reimbursed for any costs incurred by it in establishing the development zone and for any administrative costs to be incurred in the administration and collection of infrastructure assessments imposed within the proposed development zone.