Sec. 1. (a) This section applies to the town of Mooresville.
(b) Notwithstanding any other law, a designating body's actions taken after September 1, 1992, and before December 31, 1993, in:
(1) designating an economic revitalization area; or
(2) approving a statement of benefits after the initiation of the installation of new manufacturing equipment for which the person desires to claim a deduction under this chapter;
are legalized and validated.