The legislative body of the local government may institute eminent domain proceedings pursuant to KRS Chapter 416 against any property which has been certified as blighted or deteriorated by the commission or alternative government entity if it finds:
(1) That such property has deteriorated to such an extent as to constitute a serious and growing menace to the public health, safety and welfare;
(2) That such property is likely to continue to deteriorate unless corrected;
(3) That the continued deterioration of such property may contribute to the blighting or deterioration of the area immediately surrounding the property; and (4) That the owner of such property has failed to correct the deterioration of the property.