In order to initiate an urban renewal project, the legislative body of the municipality shall adopt a resolution which[:]
(a) Finds that one or more slum or blighted areas exist in the municipality;
(b) Locates and defines the slum or blighted areas;
(c) Finds that the rehabilitation, redevelopment, or a combination of them, of the area or areas, is necessary and in the interest of the public health, safety, morals or welfare of the residents of the municipality.