In the event that the Town Council, upon receipt and review of an application for determination of an economic revitalization area in the Town determines that the area in question is an economic revitalization area, the Town Council shall be required to comply with the terms and provisions of Indiana Code 6-1.1-12.1-2.5, et. seq., as amended from time to time, including passage and adoption of a resolution declaring the area an economic revitalization area, filing the same with the county assessor, determining the number of years of real property tax deduction, holding a public hearing following proper legal notice requirements, and taking final action to determine whether the qualifications for an economic revitalization area have been met, as well as taking final action on the adopted resolution.