(a) In this section, “finance plan” means a plan that includes a general description of proposed improvement projects that will be financed by the district, an estimate of the costs for the proposed improvement projects, an estimate of the amount of the costs for the proposed improvement projects that the district will pay directly or that will be reimbursed to a developer of property in the district, and the means of financing costs related to the planning, design, construction, improvement, maintenance, and operation of the proposed improvement projects.
(b) The district may not exercise any powers under this chapter until:
(1) the development agreement and consent application are executed and effective; and
(2) the finance plan is approved by the governing body of the city.