(a) Any municipality within the county is authorized to apply for a grant or loan from the county to assist in financing an urban renewal project within such municipality. The application shall be in such form and contain such information as may be required by the county.
(b) Prior to authorizing final approval of an application for a financial grant or loan, the county council shall:
(1) Receive and consider the recommendation of the county executive as to whether the grant or loan shall be approved in whole or in part.
(2) Hold a public hearing on the proposed urban renewal grant or loan application, after fifteen (15) days' notice in a newspaper having general circulation in the county, giving the time, place and date of the hearing, and an opportunity for the public to view the plans and/or adopt the findings of the local municipality.
(3) Approve or deny the grant or loan by resolution. (1974 L.M.C., ch. 8, § 1.)