(a) Before a political subdivision issues a bond, the political subdivision shall pass an ordinance or administrative resolution that: (1) designates an area in the political subdivision as a designated blighted area based on the substantial presence of: (i) excessive vacant land on which structures were previously located; (ii) abandoned or vacant buildings; (iii) substandard structures; (iv) delinquencies in real property tax payments; or (v) similar factors that the political subdivision determines indicate blight; (2) designates the financed area for which the proceeds of the bond are to be used; and (3) adopts a redevelopment plan for the designated blighted area. (b) (1) Before a county may designate a blighted area or financed area that lies wholly or partly in a municipal corporation, the municipal corporation shall consent to the designation of the part of the area that is within the municipal corporation. (2) Before a municipal corporation may designate a blighted area or financed area, the county that contains the area shall consent to the designation. (3) Consent under this subsection shall be made by ordinance or administrative resolution. (c) A political subdivision that issues a bond as a qualified redevelopment bond under the Internal Revenue Code shall comply with federal law in determining: (1) the designated blighted area and the financed area to which the bond relates; and (2) any other designated blighted areas in the political subdivision.
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