In conjunction with the formal establishment of the TRID boundaries, a coterminous value capture area shall simultaneously be created to enable local municipalities, school districts, the county and the public transportation agency to share the increased tax increment of real estate and other designated tax revenues generated by new real estate investment within the TRID. The participants in the TRID, through the designated management entity, shall develop an administrative and project schedule and budget to implement the project, including future maintenance needs, as defined in the TRID planning study, as well as the shares and use of the incremental revenues as are projected to be generated from the TRID value capture area. The participating municipality or municipalities may review and revise the TRID budget.