(a)      If the referendum results in the creation of a new municipal corporation, the local income tax payments authorized under § 2-607 of the Tax - General Article shall be distributed to the municipal corporation as follows unless the county governing body agrees to an accelerated payment schedule:

            (1)      In the first full fiscal year following the effective date of the municipal incorporation, one-third of the distribution otherwise required under § 2-607 of the Tax - General Article;

            (2)      In the second full fiscal year following the effective date of the municipal incorporation, two-thirds of the distribution otherwise required under § 2-607 of the Tax - General Article; and

            (3)      In the third full fiscal year following the effective date of the municipal incorporation and each subsequent year, all of the distribution required under § 2-607 of the Tax - General Article.

      (b)      (1)      For those municipal corporations that are eligible to assume planning and zoning authority, the county governing body and the municipal corporation shall cooperate in developing the first comprehensive land use plan of the municipal corporation.

            (2)      The initial zoning designations used by the municipal corporation shall comply with the provisions of § 9(c) of this article, including the 5-year zoning classification restriction, unless the county governing body expressly approves otherwise.