(1) An agency shall ensure that each development impediment study required under Subsection 17C-2-102(1)(a)(i)(A):
(a) undertakes a parcel by parcel survey of the survey area;
(b) provides data so the board and taxing entity committee may determine:
(i) whether the conditions described in Subsection 17C-2-303(1):
(A) exist in part or all of the survey area; and
(B) qualify an area within the survey area as a project area; and
(ii) whether the survey area contains all or part of a superfund site, an inactive industrial site, or inactive airport site;
(c) includes a written report setting forth:
(i) the conclusions reached;
(ii) any recommended area within the survey area qualifying as a project area; and
(iii) any other information requested by the agency to determine whether an urban renewal project area is feasible; and
(d) is completed within one year after the adoption of the survey area resolution.
(2)
(a) If a development impediment study is not completed within one year after the adoption of the resolution under Subsection 17C-2-101.5(1) designating a survey area, the agency may not approve an urban renewal project area plan based on that development impediment study unless the agency first adopts a new resolution under Subsection 17C-2-101.5(1).
(b) A new resolution under Subsection (2)(a) shall in all respects be considered to be a resolution under Subsection 17C-2-101.5(1) adopted for the first time, except that any actions taken toward completing a development impediment study under the resolution that the new resolution replaces shall be considered to have been taken under the new resolution.