(a) The board of an authority shall study the effectiveness of the authority.
(b) Not later than December 31 of each even-numbered year, the board of an authority shall report to the legislature on the effectiveness of the authority. The report must:
(1) compare utility and infrastructure development in:
(A) the authority since the authority's creation; and
(B) areas in the municipality that created the authority that are not in the authority;
(2) identify methods for improving residential, commercial, and industrial development in the authority;
(3) identify limitations and impediments to development in the authority;
(4) identify methods to improve the authority's accountability to property owners in the authority; and
(5) identify any competitive advantage opportunities of the authority.