Before a political subdivision issues a bond, the political subdivision shall pass an ordinance or administrative resolution that: designates an area in the political subdivision as a designated blighted area based on the substantial presence of: excessive vacant land on which structures were previously located; abandoned or vacant buildings; substandard structures; delinquencies in real property tax payments; or similar factors that the political subdivision determines indicate blight; designates the financed area for which the proceeds of the bond are to be used; and adopts a redevelopment plan for the designated blighted area. Before a county may designate a blighted area or financed area that lies wholly or partly in a municipal corporation, the municipal corporation shall consent to the designation of the part of the area that is within the municipal corporation. Before a municipal corporation may designate a blighted area or financed area, the county that contains the area shall consent to the designation. Consent under this subsection shall be made by ordinance or administrative resolution. A political subdivision that issues a bond as a qualified redevelopment bond under the Internal Revenue Code shall comply with federal law in determining: the designated blighted area and the financed area to which the bond relates; and any other designated blighted areas in the political subdivision.