(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.