A municipality may not exercise any of the powers authorized by part 43 and this part until after its local governing body has adopted a resolution finding that:
(1) one or more blighted areas exist in the municipality by finding that at least three of the factors listed in 7-15-4206 (2) apply to the area or a part of the area; and
(2) the rehabilitation, redevelopment, or both of an area or areas are necessary in the interest of the public health, safety, or welfare of the residents of the municipality.