(1) There is created in each municipality in this state, where on January 10, 1961, a housing authority has not been established or a housing authority is established but the housing authority has not undertaken an urban renewal project, a public body politic and corporate to be known as the “urban renewal agency” of the municipality for the purpose of planning and undertaking urban renewal projects.
(2) A municipality in which the urban renewal agency has ceased operation and become dormant may by resolution of the governing body revive the urban renewal agency, and upon adoption of the resolution under subsection (b) of this section, the mayor shall appoint a board of commissioners under § 14-169-710.
(3) The agency shall not transact any business or exercise any powers under this subchapter unless and until the local governing body shall have adopted a resolution finding that: One (1) or more slum, blighted, deteriorated, or deteriorating areas exist in the municipality; and
(4) The rehabilitation, conservation, redevelopment, or a combination thereof, of such areas is necessary in the interest of the public health, safety, morals, or welfare of the residents of the municipality.