(1) A proposed community reinvestment project area plan approved by board resolution under Section 17C-5-104 may not take effect until the community legislative body:
(a) by ordinance, adopts the proposed community reinvestment project area plan; and
(b) provides notice in accordance with Section 17C-5-110.
(2) An ordinance described in Subsection (1)(a) shall designate the community reinvestment project area plan as the official plan of the community reinvestment project area.