(a) The industrial business zone boundary commission shall publish notice at least once in the City Record or a newspaper of general circulation in the city setting forth:
(1) the boundaries of one or more industrial business zones that the commission proposes to be designated, amended or repealed; and
(2) the date, which shall not be earlier than five nor later than fifteen days following the publication of such notice, on which the commission will hold a public hearing to hear all persons interested in the proposed designation, amendment or repeal of such zone or zones.
(b) If after such public hearing, the commission designates or repeals one or more industrial business zones or amends the boundaries of one or more such zones, it shall notify the local legislative body of such designation, repeal or amendment not later than thirty days after such designation, repeal or amendment.
(c) The designation or repeal of an industrial business zone or the amendment of the boundaries of one or more such zones shall become effective upon (1) the vote of the commission approving such designation, repeal or amendment or (2) any other date provided for by the commission when it approves such designation, repeal or amendment.
(d) (1) The commission may designate an area to be an industrial business zone if it determines that the market conditions in such zone are such that the availability of an industrial business zone tax credit is required in order to encourage industrial and manufacturing activities in such zone.
(2) The commission may repeal an existing industrial business zone if it determines that the market conditions in such zone are such that the availability of an industrial business zone tax credit is no longer required in order to encourage industrial and manufacturing activities in such zone.
(3) The commission may amend in whole or in part the boundaries of an existing industrial business zone if it determines: (A) for any new area or areas to be included within the zone, that the market conditions in such area or areas are such that the availability of an industrial business zone tax credit is required in order to encourage industrial and manufacturing activities in such area or areas; and (B) for any area or areas to be eliminated from such zone, that the market conditions in such area or areas are such that the availability of an industrial business zone tax credit is no longer required in order to encourage industrial and manufacturing activities in such area or areas.
(4) In making any of the determinations set forth in paragraphs one, two or three of this subdivision, the commission shall consider, among other factors it determines are appropriate for consideration, existing land uses, the industrial and manufacturing character of the relevant area, the relevant area's potential development for industrial and manufacturing activities, whether there is any as-of-right zoning for new residential development within such area, vehicular traffic patterns, and existing or proposed empire zone boundaries.
(5) Any land to be included in an industrial business zone shall be designated as M-1, M-2, or M-3 pursuant to the zoning resolution of the city of New York in effect at the time of designation.