- (a) The corporation may not transact business or exercise its powers under AS 18.55.480 — 18.55.960 in a municipality until the governing body approves by resolution the exercise in the municipality of the powers, functions, and duties of the corporation under AS 18.55.480 — 18.55.960.
(b) The governing body of a municipality may not adopt a resolution under (a) of this section unless it finds that
- (1) one or more slum or blighted areas exist in the municipality; or
- (2) the redevelopment of the slum or blighted area is necessary in the interest of the public health, safety, morals, or welfare of the residents of the municipality.
- (c) When the governing body of a municipality adopts the resolution, it shall promptly notify the corporation.