(a)

(1) An authority shall not initiate any transit-oriented redevelopment project under this part until the governing body, or the agency designated by the governing body or empowered by law so to act, of the municipality in which any of the area to be covered by the transit-oriented redevelopment project is situated, has approved a transit-oriented redevelopment plan, which provides an outline for the development or redevelopment of the area and is sufficiently complete to:

(A) Indicate its relationship to definite local objectives as to appropriate land uses and improved traffic, public transportation, public utilities, recreational and community facilities, and other public improvements;

(B) Indicate proposed land uses and building requirements in the area; and

(C) Indicate the method of the temporary relocation of persons living in such areas, and also the method of providing, unless already available, decent, safe, and sanitary dwellings substantially equal in number to the number of substandard dwellings to be cleared from the area, at rents within the financial reach of the income groups displaced from such substandard dwellings. Such municipalities are authorized to approve redevelopment plans through their governing body or the agency designated by the governing body for that purpose. Any state public body referred to in § 13-20-110 may cooperate with and assist housing authorities with respect to transit-oriented redevelopment projects in the same manner as though the section were applicable to transit-oriented redevelopment projects.

(2) Any disapproval of any transit-oriented redevelopment project by the governing body of a county as authorized by this section shall, however, be automatically dissolved wherever written agreement duly approved by the governing body of the municipality involved is furnished to the county governing body; provided, that the agreement shall exempt the county property tax levy and all proceeds from it generated within the transit-oriented redevelopment project from the tax increment financing provisions specified in § 13-20-706(a).

(3) A governing body shall not approve a plan until after a public hearing has been held by the governing body, or agency designated by it or empowered by law so to act, to determine the necessity for the adoption of the plan, including the matters set forth in subdivision (a)(1). Notice of such public hearing shall be given in the following manner:

(A) By publishing once a week for three (3) consecutive weeks immediately preceding the public hearing in each newspaper of general circulation published in the municipality notice of the time, place, and purpose of the public hearing. The notice must include a facsimile of a map of the area to be included in the plan, with the streets or other lines marking the boundaries of the area clearly indicated, and which map shall be not less than four (4) columns in width; and

(B) By written notice to at least one (1) of the owners or at least one (1) of the occupants of each parcel of property within the area to be included within the plan of the time, place, and purpose of the public hearing. The notice must be sent not more than thirty (30) days and not less than ten (10) days before the hearing by mail, postage prepaid, or delivered, to such owners or occupants.

(4) The failure to give notice required in subdivision (a)(3) may be raised as a defense on the trial of the issue of the right of the housing authority to acquire the property by eminent domain under § 13-20-703(c); provided, that the defense may be raised only by an owner or occupant having an interest in the property. Such failure to provide notice shall constitute a defense unless in the judgment of the court there has been compliance with subdivision (a)(3)(A) and substantial compliance with subdivision (a)(3)(B) by mailing or delivering the notice to at least one (1) owner or one (1) occupant of two-thirds (⅔) of the lots or parcels of property within the affected area.

(b)

(1) An authority shall vote to approve or disapprove an amendment to a transit-oriented redevelopment plan initiated by the governing body of the municipality within sixty (60) days of the amendment being submitted by the governing body.

(2) A governing body of a municipality shall vote to approve or disapprove an amendment to a transit-oriented redevelopment plan initiated by an authority within sixty (60) days of the amendment being submitted by the authority.