(1) Each blight study required under Subsection 17C-2-102(1)(a)(i)(A) shall:

1. (a) undertake a parcel by parcel survey of the survey area;

2. (b) provide data so the board and taxing entity committee may determine:

   1. (i) whether the conditions described in Subsection 17C-2-303(1):

      1. (A) exist in part or all of the survey area; and
      2. (B) qualify an area within the survey area as a project area; and
   2. (ii) whether the survey area contains all or part of a superfund site, an inactive industrial site, or inactive airport site;

3. (c) include a written report setting forth:

   1. (i) the conclusions reached;
   2. (ii) any recommended area within the survey area qualifying as a project area; and
   3. (iii) any other information requested by the agency to determine whether an urban renewal project area is feasible; and
4. (d) be completed within one year after the adoption of the survey area resolution.

(2)

1. (a) If a blight study is not completed within one year after the adoption of the resolution under Subsection 17C-2-101.5(1) designating a survey area, the agency may not approve an urban renewal project area plan based on that blight study unless it first adopts a new resolution under Subsection 17C-2-101.5(1).
2. (b) A new resolution under Subsection (2)(a) shall in all respects be considered to be a resolution under Subsection 17C-2-101.5(1) adopted for the first time, except that any actions taken toward completing a blight study under the resolution that the new resolution replaces shall be considered to have been taken under the new resolution.