(1) The authority shall prepare and submit to the Board of Governors of the State University System a petition requesting that the authority be designated a research and development authority.
(2) The petition shall contain, but not be limited to:(a) The resolution of the governing board of the county constituting the authority.
(b) A concept of operation of the proposed research and development park consistent with s. 159.27(7) and the purposes of ss. 159.701-159.7095. (c) A statement of affiliation with one or more state-based, accredited, public or private institutions of higher learning with research and development capabilities.
(d) Evidence of availability of a site suitable for the projected scope of operations.
(e) Evidence of the economic feasibility of the proposed research and development park.
(f) A plan for funding the development of the proposed research and development park, including a minimum financial commitment by the authority of $50,000 in liquid assets for development purposes.
(3) Upon approval of the petition and designation as a research and development authority by the Board of Governors of the State University System, the authority shall be empowered to transact any business and exercise any power authorized by ss. 159.701-159.7095 for the purposes set out in such sections. 
