At any time after two (2) years after adopting a resolution declaring that there is need for an agency to function in a community, the legislative body of the community, if the agency has not redeveloped or acquired land for, or commenced the redevelopment of a project or entered into any contracts for redevelopment, may by resolution declare that there is no further need for the agency in the community. Thereupon, the offices of the members of the agency shall be vacated and the capacity of the agency to transact business or exercise any power shall be suspended and remain suspended until the legislative body adopts a resolution declaring the need for the agency to function. However, the Narragansett town council may act as that town’s agency during periods when there are no specific projects that are active.
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