Section 45-33.2-3.1 and § 45-33.2-22 through § 45-33.2-28 are intended to modernize the laws of the state governing tax increment financing to facilitate economic development in the state. Section 45-33.2-3.1 and § 45-33.2-22 through § 45-33.2-28 shall be construed to provide a complete, additional, and alternative method for performing the things authorized by this chapter, and shall be regarded as supplemental and in addition to the powers conferred by other laws, including § 45-33.2-2 through § 45-33.2-21. Cities and towns which have created tax increments in accordance with § 45-33.2-2 through § 45-33.2-21 may elect to use the provisions of § 45-33.2-3.1 and § 45-33.2-22 through § 45-33.2-28 by adopting an ordinance of the city or town council:

(1)  Declaring the intention to be bound by § 45-33.2-3.1 and § 45-33.2-22 through § 45-33.2-28; and

(2)  Approving such amendments to the city or town redevelopment plan and project plan as may be required to proceed in accordance with § 45-33.2-3.1 and § 45-33.2-22 through § 45-33.2-28. Effective July 1, 2018, a tax increment may be established which is not in a project area, as defined in § 45-33.2-3(4) or adopted pursuant to a project plan, as defined in § 45-33.2-3(5).