The following reporting requirements shall apply to every Tax Increment Financing District (hereafter referred to as "Districts" or "District"):

(1) During the first five years of the term of any District, the Mayor shall provide an annual report to the Council no later than December 31st. Each such report shall include, but is not limited to: all data on the number of construction and permanent jobs and demographic data on those jobs; the implementation of a plan for the utilization of minority, female and disadvantaged businesses for contracting opportunities created by the establishment of the District; and, any other data that is pertinent to the financial, contracting and employment operations of the District.

(2) During the remaining term of any District which extends beyond five years, the same information as detailed above shall be required and provided every three years, with an annual analysis for each of the three year reporting periods.