(1) If an area has been designated as a substandard and blighted area under section 18-2109 or an extremely blighted area under section 18-2101.02, the governing body of the city may review such area at any time to determine whether the area is still eligible for the relevant designation. As part of such review, the governing body may, but need not:

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(a) Examine any study or analysis of such area conducted pursuant to section 18-2101.02 or 18-2109 to determine whether the conditions that led to the relevant designation still exist; and

(b) Examine the conditions within the area to determine whether the area still qualifies as a blighted area, a substandard area, or an extremely blighted area as such terms are defined in section 18-2103.

(2) If a review is conducted under this section and the governing body of the city finds that an area is no longer a substandard and blighted area or an extremely blighted area, the governing body may remove the relevant designation by passing a resolution declaring such area to no longer be a substandard and blighted area or an extremely blighted area. If the same area has been designated as both a substandard and blighted area and an extremely blighted area, the governing body may remove both designations in a single resolution.

(3) Removal of a substandard and blighted area designation or an extremely blighted area designation pursuant to this section shall not affect the validity of (a) any redevelopment plan or redevelopment project involving such area that was approved prior to the removal of such designation or (b) any bond, security for such bond, redevelopment contract, or agreement relating to such a redevelopment plan or redevelopment project.