(1) Each urban renewal project area plan and draft project area plan shall:

1. (a) describe the boundaries of the project area, subject to Section 17C-1-414, if applicable;
2. (b) contain a general statement of the land uses, layout of principal streets, population densities, and building intensities of the project area and how they will be affected by the urban renewal;
3. (c) state the standards that will guide the urban renewal;
4. (d) show how the purposes of this title will be attained by the urban renewal;
5. (e) be consistent with the general plan of the community in which the project area is located and show that the urban renewal will conform to the community's general plan;
6. (f) describe how the urban renewal will reduce or eliminate blight in the project area;
7. (g) describe any specific project or projects that are the object of the proposed urban renewal;
8. (h) identify how private developers, if any, will be selected to undertake the urban renewal and identify each private developer currently involved in the urban renewal process;
9. (i) state the reasons for the selection of the project area;
10. (j) describe the physical, social, and economic conditions existing in the project area;
11. (k) describe any tax incentives offered private entities for facilities located in the project area;
12. (l) include the analysis described in Subsection (2);
13. (m) if any of the existing buildings or uses in the project area are included in or eligible for inclusion in the National Register of Historic Places or the State Register, state that the agency shall comply with Section 9-8-404 as though the agency were a state agency; and
14. (n) include other information that the agency determines to be necessary or advisable.

(2) Each analysis under Subsection (1)(l) shall consider:

1. (a) the benefit of any financial assistance or other public subsidy proposed to be provided by the agency, including:

   1. (i) an evaluation of the reasonableness of the costs of the urban renewal;
   2. (ii) efforts the agency or developer has made or will make to maximize private investment;
   3. (iii) the rationale for use of tax increment, including an analysis of whether the proposed development might reasonably be expected to occur in the foreseeable future solely through private investment; and
   4. (iv) an estimate of the total amount of tax increment that will be expended in undertaking urban renewal and the length of time for which it will be expended; and

2. (b) the anticipated public benefit to be derived from the urban renewal, including:

   1. (i) the beneficial influences upon the tax base of the community;
   2. (ii) the associated business and economic activity likely to be stimulated; and
   3. (iii) whether adoption of the project area plan is necessary and appropriate to reduce or eliminate blight.