The council finds that there exists within the territorial limits of municipalities in the county, blighted areas, or slum conditions which require rehabilitation; that the existence of such areas contributes to the spread of crime and disease, constitutes an economic and moral liability, decreases the tax base, reduces tax revenues, increases juvenile delinquency within the entire county; that the prevention and elimination of slum and blighted areas is a matter of public policy of the state and the county. It is further found and declared that local municipalities may require assistance financially to rehabilitate such blighted area, or slum conditions. It is further found and declared that the aiding of local municipalities financially to rehabilitate such blighted areas of slum conditions serves to maintain the peace, good government, health and welfare of the county. (1974 L.M.C., ch. 8, § 1.)