Sec. 3. Any qualified entity may prepare and submit to the redevelopment commission of a municipality a redevelopment plan for a project area adjacent to or in the immediate vicinity of:
(1) the location of:
(A) the principal buildings of a nonprofit college or university; or
(B) a major branch of a nonprofit college or university where teaching or research is done or where students or faculty live; and
(2) the area of a redevelopment or urban renewal project that has been or is being undertaken by the redevelopment commission having jurisdiction over the territory in which the project area is located.