Good evening Shane,
In the Dealer Rules section of the 2017 TDA Rules you will find:
36: Substantial Action (SA)
Substantial Action is either A) any 2 actions in turn, at least one of which puts chips in the pot (i.e. any 2 actions except 2 checks or 2 folds) or B) any combination of 3 actions in turn (check, bet, raise, call, fold).
In your posted scenario, SA has occurred. Therefore, the hand should proceed with the blinds that are already posted. If SA had not occurred, correcting the blinds would be appropriate provide that the dealer had not started the next hand before the announcement. See rule #23.
23: New Hand & New Limits
A new level will not be announced until the clock reaches zero. The new level applies to the next hand. A hand begins on the first riffle, push of the shuffler button, or on the dealer push.