For the purpose of approving an urban renewal plan and other municipal purposes, a municipality may:
(1) prepare, adopt, and revise from time to time a comprehensive plan or parts of a plan for the physical development of the municipality as a whole, with consideration for the county and school districts that include municipal territory;
(2) establish and maintain a planning commission for that purpose and related municipal planning activities; and
(3) make available and appropriate necessary funds for municipal planning activities.