(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

(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.

(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

(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.