It's your call whether you go with a referendum or not, and I'm not a huge advocate of referenda. I've seen how easily they can be perverted by political forces.
I also have an enormous respect for the role of representative government. I had a small experience as a municipally elected member. I know how hard elected members work, and it's that research and deliberation that the people really need.
If you guys are comfortable, and if you have a consensus that is cross-party, you have all the authority to go forward with this thing.