(a) The bank may remove the designation of an area as a readjustment zone if:
(1) the area no longer meets the criteria for designation under this chapter or by rule of the office adopted under this chapter; or
(2) the bank determines that the governing body of the readjustment zone has not complied with commitments made in the ordinance or order nominating the area as a readjustment zone.
(b) The removal of a designation does not affect the validity of a tax incentive or regulatory relief granted or accrued before the removal.