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 slumor blighted areas exist in such municipality;
(b) locates and defines the said slum or blighted areas; and
(c) finds that the rehabilitation, redevelopment, or a combination thereof, of such area or areas, is necessary in the interest of the public health, safety,morals o rwelfare of the residents of such municipality.