Beginning on May 10, 2016, an agency:
(1) may create a community reinvestment project area under Chapter 5, Community Reinvestment;
(2) except as provided in Subsection (3), may not create:
(a) an urban renewal project area under Chapter 2, Urban Renewal;
(b) an economic development project area under Chapter 3, Economic Development; or
(c) a community development project area under Chapter 4, Community Development; and
(3) may create an urban renewal project area, an economic development project area, or a community development project area if:
(a) before April 1, 2016, the agency adopts a resolution in accordance with:
(i) Section 17C-2-101.5 for an urban renewal project area;
(ii) Section 17C-3-101.5 for an economic development project area; or
(iii) Section 17C-4-101.5 for a community development project area; and
(b) the urban renewal project area, economic development project area, or community development project area is effective before September 1, 2016.