(1) An agency shall ensure that each urban renewal project area plan and proposed project area plan:

1. (a) describes the boundaries of the project area, subject to Section 17C-1-414, if applicable;
2. (b) contains 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 project area development;
3. (c) states the standards that will guide the project area development;
4. (d) shows how the purposes of this title will be attained by the project area development;
5. (e) is consistent with the general plan of the community in which the project area is located and show that the project area development will conform to the community's general plan;
6. (f) describes how the project area development will reduce or eliminate a development impediment in the project area;
7. (g) describes any specific project or projects that are the object of the proposed project area development;
8. (h) identifies how a participant will be selected to undertake the project area development and identify each participant currently involved in the project area development;
9. (i) states the reasons for the selection of the project area;
10. (j) describes the physical, social, and economic conditions existing in the project area;
11. (k) describes any tax incentives offered private entities for facilities located in the project area;
12. (l) includes 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, states that the agency shall comply with Section 9-8-404 as though the agency were a state agency; and
14. (n) includes other information that the agency determines to be necessary or advisable.

(2) An agency shall ensure that each analysis under Subsection (1)(l) considers:

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 project area development;
   2. (ii) efforts the agency or participant 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 project area 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 project area development and the project area funds collection period; and

2. (b) the anticipated public benefit to be derived from the project area development, 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 a development impediment.