(a)    Before a political subdivision issues a bond, the political subdivision shall pass an ordinance or administrative resolution that:

(1)    designates an area in the political subdivision as a designated blighted area based on the substantial presence of:

(i)    excessive vacant land on which structures were previously located;

(ii)    abandoned or vacant buildings;

(iii)    substandard structures;

(iv)    delinquencies in real property tax payments; or

(v)    similar factors that the political subdivision determines indicate blight;

(2)    designates the financed area for which the proceeds of the bond are to be used; and

(3)    adopts a redevelopment plan for the designated blighted area.

(b)    (1)    Before a county may designate a blighted area or financed area that lies wholly or partly in a municipal corporation, the municipal corporation shall consent to the designation of the part of the area that is within the municipal corporation.

(2)    Before a municipal corporation may designate a blighted area or financed area, the county that contains the area shall consent to the designation.

(3)    Consent under this subsection shall be made by ordinance or administrative resolution.

(c)    A political subdivision that issues a bond as a qualified redevelopment bond under the Internal Revenue Code shall comply with federal law in determining:

(1)    the designated blighted area and the financed area to which the bond relates; and

(2)    any other designated blighted areas in the political subdivision.