(1) If a board decides to finance a project in a development area by the use of revenue bonds as authorized in section 616 or tax increment financing as authorized in sections 618, 619, and 620, it shall prepare a development plan.

  (2) The development plan shall contain all of the following:

  (a) The designation of boundaries of the development area in relation to highways, streets, streams, or otherwise.

  (b) The location and extent of existing streets and other public facilities within the development area, designating the location, character, and extent of the categories of public and private land uses then existing and proposed for the development area, including residential, recreational, commercial, industrial, educational, and other uses, and including a legal description of the development area.

  (c) A description of existing improvements in the development area to be demolished, repaired, or altered, a description of any repairs and alterations, and an estimate of the time required for completion.

  (d) The location, extent, character, and estimated cost of the improvements including rehabilitation contemplated for the development area and an estimate of the time required for completion.

  (e) A statement of the construction or stages of construction planned, and the estimated time of completion of each stage.

  (f) A description of any parts of the development area to be left as open space and the use contemplated for the space.

  (g) A description of any portions of the development area that the authority desires to sell, donate, exchange, or lease to or from the municipality and the proposed terms.

  (h) A description of desired zoning changes and changes in streets, street levels, intersections, traffic flow modifications, or utilities.

  (i) An estimate of the cost of the development, a statement of the proposed method of financing the development, and the ability of the authority to arrange the financing.

  (j) Designation of the person or persons, natural or corporate, to whom all or a portion of the development is to be leased, sold, or conveyed in any manner and for whose benefit the project is being undertaken if that information is available to the authority.

  (k) The procedures for bidding for the leasing, purchasing, or conveying in any manner of all or a portion of the development upon its completion, if there is no express or implied agreement between the authority and persons, natural or corporate, that all or a portion of the development will be leased, sold, or conveyed in any manner to those persons.

  (l) Estimates of the number of persons residing in the development area and the number of families and individuals to be displaced. If occupied residences are designated for acquisition and clearance by the authority, a development plan shall include a survey of the families and individuals to be displaced, including their income and racial composition, a statistical description of the housing supply in the community, including the number of private and public units in existence or under construction, the condition of those units in existence, the number of owner-occupied and renter-occupied units, the annual rate of turnover of the various types of housing and the range of rents and sale prices, an estimate of the total demand for housing in the community, and the estimated capacity of private and public housing available to displaced families and individuals.

  (m) A plan for establishing priority for the relocation of persons displaced by the development in any new housing in the development area.

  (n) Provision for the costs of relocating persons displaced by the development and financial assistance and reimbursement of expenses, including litigation expenses and expenses incident to the transfer of title, in accordance with the standards and provisions of the uniform relocation assistance and real property acquisition policies act of 1970, Public Law 91-646, 84 Stat 1894.

  (o) A plan for compliance with 1972 PA 227, MCL 213.321 to 213.332.

  (p) The requirement that amendments to an approved development plan or tax increment plan must be submitted by the authority to the governing body for approval or rejection.

  (q) A schedule to periodically evaluate the effectiveness of the development plan.

  (r) Other material that the authority, local public agency, or governing body considers pertinent.