(a) The local governing body annually shall report to the Assessment Coordination Division the current value and incremental value of a redevelopment district and the properties adjacent to the redevelopment district.
(b) The division, in cooperation with other state agencies and local governments, shall make a comprehensive impact report to the Governor and to the General Assembly at the beginning of each biennium as to the economic, social, and financial effect and impact of community redevelopment financing projects.