All applicants to the Town Council for the establishment of an area as an economic revitalization area shall be required to provide a statement of benefits on a form prescribed by the State of Indiana Board of Tax Commissioners for use by the Town Council in making its decision about whether to designate an economic revitalization area or not. The Town Council shall be required to review the statement of benefits in its determination of whether an area should be designated an economic revitalization area, or whether a real property tax deduction should be allowed, based on and after it has made the findings described in Indiana Code 6-1.1-12.1-3, as amended from time to time. No designation of an area as an economic revitalization area or approval of a real property tax deduction shall be made by the Town Council unless the above-described required findings have been affirmatively made.