(a) To be designated as a readjustment zone an area must:
(1) have a continuous boundary;
(2) be at least one square mile but not larger than 20 square miles, excluding lakes, waterways, and transportation arteries, of the municipality, county, or combination of municipalities or counties nominating the area as a readjustment zone;
(3) be located in an adversely affected defense-dependent community;
(4) have at least 50 percent of its area located in an existing or former United States Department of Defense facility; and
(5) be nominated as a readjustment zone by an ordinance or order adopted by the nominating body.
(b) An area is not prohibited from being included in a readjustment zone because the area is also included in an enterprise zone designated under Chapter 2303.