(1) The director may revoke the designation of an enterprise zone if the director determines that the governing body or bodies:
(a) Have failed to make progress in achieving the benchmarks set forth in the strategic plan or measurable goals; or
(b) Have not complied substantially with the strategic plan or measurable goals.
(2) The failure to enact and maintain the local fiscal and regulatory incentives committed to and adopted by the governing body or bodies pursuant to s. 290.0057(1)(e) for 2 consecutive calendar years shall result in the automatic termination of enterprise zone designation.
(3) Any action taken to rescind designation is subject to the provisions of chapter 120. Such action may be initiated 90 days after issuing a written letter of warning to the governing body or bodies. Such action shall not act to deny credits or exemptions previously granted or affect any bonds that have been issued.