129C.— (1) A person proposing a scheme for approval under section 129B may submit the proposal ("BID proposal") to the rating authority concerned.

(2) The BID proposal shall—

(a) specify the proponent’s name and provide an address for delivery of any notices to the proponent in respect of the proposal,

(b) define the boundaries of the area being proposed as a business improvement district (including a map showing that area),

(c) provide a current list of each rateable property in the proposed business improvement district,

(d) set out the terms of the scheme being proposed, including all of the following:

(i) a description of the objectives to be achieved under the scheme and a detailed description of the scheme itself specifying each project, service and work to be carried out or provided;

(ii) the date by which the scheme is expected to be in operation and the number of years over which the scheme is expected to operate;

(iii) the BID company that will be responsible for implementing or renewing and administering and managing the scheme in accordance with this Part;

(iv) those terms of the scheme that may be altered by consent of the rating authority and the BID company referred to in subparagraph (iii),

(e) specify the projects, services or works, if any, that are currently being carried out or provided by the rating authority concerned ("baseline services") and are relevant to the scheme being proposed,

(f) provide estimates of the following for each year over which the scheme being proposed is to operate:

(i) the expenditure that will be necessary to carry out or provide the projects, services and works under the scheme;

(ii) the projected income for the scheme and the sources of that income, including any contribution, grant or assistance from a person or public authority (other than the annual BID contribution);

(iii) the annual BID contribution,

and

(g) include such other information that the Minister may by regulation prescribe for purposes of this section.

(3) On request of a BID proponent, the rating authority shall provide the proponent such information that the proponent may reasonably require in order to determine and specify in the proposal the baseline services relevant to the proposed scheme.

(4) The BID proponent shall—

(a) deliver to the rating authority concerned a copy of the BID proposal together with an initial request that the rating authority hold a ratepayer plebiscite on the proposal, and

(b) provide the rating authority with such information as it reasonably requires to be satisfied that the BID proposal is not inconsistent with this Part and that the proponent has sufficient funds to meet the costs referred to in section 129H, should the proponent be required to do so under that section.

(5) On receiving the initial request for a ratepayer plebiscite under subsection (4)(a), the rating authority shall, as soon as practicable but subject to subsection (6), comply with sections 129D and 129E.

(6) The rating authority is not required to comply with subsection (5) until such time as the BID proponent complies with the requirements of subsections (2) and (4).]