1.  At the time and place of the hearing, the governing body shall cause to be read and consider all written complaints, protests, objections and other relevant comments made in accordance with NRS 278C.170 and hear all oral complaints, protests, objections and other relevant comments made pursuant to that section.

2.  After considering all written and oral complaints, protests, objections and other relevant comments that were properly submitted and after considering any other relevant material put forth, if the governing body determines that the undertaking, or a part thereof, is not in the public interest:

(a) The governing body, by resolution, shall make an order which states that the undertaking or a part of the undertaking, as appropriate, is not in the public interest and which states the reasons that the undertaking, or part of the undertaking, is not in the public interest;

(b) The public body may, by resolution and in accordance with the notice and hearing requirements of this chapter, modify the proposed tax increment area or undertaking to conform to the order; and

(c) The undertaking or part of the undertaking, as appropriate, must be stopped until the governing body adopts a new resolution for the undertaking which conforms to the order.

3.  Any complaint, protest or objection to the regularity, validity and correctness of the proceedings taken and the documents made before the date of the hearing is waived unless presented in the manner specified in this chapter.