(A) In order to retain the certification of a workable program certified other than on the basis of current federal certification, a municipal corporation shall submit two years after certification and every two years thereafter to the director of development the following items:
(1) A statement of any changes in its workable program;
(2) A list of all projects that are in process including but not limited to those under construction currently subject to a tax exemption or otherwise deemed active by the applicant during the previous two year period on a form provided by the director of development; and
(3) A list of all community urban renewal corporations that have been created as part of an "Impacted Cities" project and formerly recognized by the applicant regardless of whether they are currently involved in an active project.
If there has been no substantial change with respect to a particular element, a statement to that effect may be sufficient, but reasonable supporting documentation and information may be required upon the request of the director of development.
(B) Statements shall be due 30 days prior to the two year anniversary date and 30 days prior to every subsequent two year anniversary date of the date of the director of development's original certification. In the event that a statement is not submitted on time, or that the statement under 122:1-1-04 A is determined by the director to be inadequate, the director of development shall send to the executive officer of a municipal corporation notice that the workable program of the municipal corporation is decertified, such decertification shall be effective thirty days after receipt of the notice from the director of development.