Reporting and Review

(1) On or before August 1st of each year, the Municipality shall submit to the Department an annual report about actions undertaken to implement its HD Zone Plan for the prior year containing such material as may be specified by the Department including: (a) A detailed description of the progress of the elements of the HD Zone Plan in relation to the schedule incorporated into the HD Zone Plan including all construction, reconstruction, rehabilitation and related activities, both public and private, completed or in process in connection with the HD Zone Plan; (b) Information on the initial sale and leasing of any Market Rate Residential Unit in a HD Project; and (c) With respect to each HD Project, the Increment used to calculate the HD Property Tax Exemption, the Exemption Percentage, and property tax revenue by the Municipality in connection with the Market Rate Residential Units. (2) The department shall review each HD Project at least once every two years.