(a) After a hearing, a creating body may dissolve a development zone if:
(1) the area no longer meets the criteria for designation under this chapter;
(2) the best interests of the creating body and the owners of property and interests in property in the zone will be served by dissolving the zone; and
(3) each creating body agrees by ordinance or order on the:
(A) proposition that the zone should be dissolved;
(B) disposition of zone assets; and
(C) assumption of liabilities by the creating bodies.
(b) The dissolution of a development zone does not affect the validity of a:
(1) tax incentive or regulatory relief granted or accrued before the removal; or
(2) bond issued under this chapter.