After compilation of the data required by section 14 of this chapter, the commission may adopt a resolution declaring the area described under section 14 of this chapter as a district. The commission may adopt the resolution only after finding that the completion of the redevelopment and economic development of the district will do all of the following:

1. (1) Attract new business enterprises to the district or retain or expand existing business enterprises in the district.
2. (2) Benefit the public health and welfare and be of public utility and benefit.
3. (3) Protect and increase state and local tax bases or revenues.
4. (4) Result in a substantial increase in temporary and permanent employment opportunities and private sector investment within the district.

As added by P.L.35-1990, SEC.63.