(1) Upon the filing by the City or any City-related agency, with the Chief Clerk of Council, of a Statement of Intent to Develop or Condemn, the Council may designate as a Pending Public Acquisition District all or part of the area of the City covered by such Statement. The Chief Clerk of the Council shall deliver a copy of the Statement of Intent to Develop or Condemn to the Zoning Board of Adjustment and the City Planning Commission within three days of the filing of such Statement. The following areas of the City are hereby designated as Pending Public Acquisition Districts:

(a) Reserved.

(2) Unless otherwise set forth in the ordinance creating any such District, the applicability of the restrictions set forth in this Section to all properties in such District shall expire at the earlier of two years after enactment of the ordinance creating the District or five years after the filing of the Statement of Intent to Develop or Condemn.