Annexation, merger, or consolidation proceedings barred.

(A) No annexation proceeding pursuant to Chapter 709. of the Revised Code that proposes the annexation to, merger of, or consolidation with a municipal corporation of any unincorporated territory within a joint economic development zone that is subject to division (I)(2) of section 715.691 of the Revised Code, shall be commenced for a period of three years after the contract creating the zone is approved by the majority of the electors under section 715.691 of the Revised Code. This division does not apply if the contract is terminated during this period or if each board of township trustees whose territory is included within the zone and whose territory is proposed to be annexed, merged, or consolidated adopts a resolution consenting to the commencement of the proceeding. Each such board of township trustees shall file a copy of the resolution with the clerk of the legislative authority of each county within which a contracting party is located. (B) The contract creating a joint economic development zone that is subject to division (I)(2) of section 715.691 of the Revised Code may prohibit any annexation proceeding by a contracting municipal corporation of any unincorporated territory within zone beyond the three-year period described in division (A) of this section. (C) No contracting party is divested or relieved of its rights or obligations under the contract creating a joint economic development zone that is subject to division (I)(2) of section 715.691 of the Revised Code because of annexation, merger, or consolidation.