(a) Before a date that is no later than five years from the date the local government has adopted the specified plan, the local government shall complete the analysis required by Section 21166 of the Public Resources Code and shall consider whether any amendments are required to the specific plan for the zone. The local government shall amend the specific plan to take into account new information about a physical condition on a parcel within the zone that affects the development capacity of the parcel pursuant to the specific plan.
(b) The local government shall hold a public hearing noticed in accordance with the requirements of Section 65091 to consider amendments and readoption of the specific plan. The amendment or readoption of the specific plan shall begin a new five-year period for purposes of Section 65623.