(a) Upon notice to the council that the municipality has satisfied the requirements of § 42-64.9-5(b)(2)(i) through (vi), the council shall provide to the municipality and to the certified building owner a written notice of final designation, which notice shall include a statement that an independent appraisal is required in order to comply with the requirements of § 42-64.9-4(13).
(b) The certification and the benefits accruing thereto shall apply for no more than five (5) years from the date of final designation by the council, except in the case of the carryover of unused specialized investment tax credits as provided by § 44-31-2, and in no case shall the benefits accruing be applied retroactively.