(1) Upon appointment, the community board shall do all of the following:

  (a) Identify the building or part of the building under consideration for designation as a business incubation center.

  (b) Advertise the concept of a business incubation center in the surrounding area.

  (c) Solicit the views of the community concerning the designation of the building or part of the building under consideration as a business incubation center.

  (d) Identify possible tenants for the center.

  (e) Obtain commitments from persons, organizations, businesses, local governmental units, or other sources amounting to at least 50% of those costs not covered by rental fees that the board estimates will be needed for the establishment and operation of the business incubation center for 3 years.

  (2) If, after performing the duties required by subsection (1), the board determines that a designation of the building under consideration as a business incubation center is desirable and possible, the board shall petition the department for the designation.