(a) To establish an economically depressed or blighted area under Section 2306.004(6)(B) or (C), the governing body of a municipality must hold a public hearing and find that the area:
(1) substantially impairs or arrests the sound growth of the municipality; or
(2) is an economic or social liability and is a menace to the public health, safety, morals, or welfare in its present condition and use.
(b) The governing body of a municipality holding a hearing under this section must give notice as provided by Chapter 551, except that notice must be published not less than 10 days before the date of the hearing.