(a) The governing board of a local government, in conjunction with a depository institution, may submit an application to the Department for the designation of a banking development district. The boundaries of the proposed banking development district shall include property on which the depository institution plans to make improvements to establish a banking branch. The application shall include the legal description of the property to be designated.
     (b) The Secretary, in consultation with the State Treasurer, shall issue a determination on the application within 60 days after receiving the application. If an application is approved, the Department shall transmit notification of the approval and a copy of all application materials to the applicants, the Governor, the State Comptroller, the State Treasurer, the Director of Commerce and Economic Opportunity, the President of the Senate, the Speaker of the House of Representatives, the Minority Leader of the Senate, the Minority Leader of the House of Representatives, and the clerk of the county, the municipal clerk, or the equivalent official in which the property is located.