Each board resolution approving a draft economic development project area plan as the project area plan under Subsection 17C-3-102(1)(g) shall contain:

1. (1) a legal description of the boundaries of the project area that is the subject of the project area plan;
2. (2) the agency's purposes and intent with respect to the project area;
3. (3) the project area plan incorporated by reference; and

4. (4) the board findings and determinations that:

   1. (a) there is a need to effectuate a public purpose;
   2. (b) there is a public benefit under the analysis described in Subsection 17C-3-103(2);
   3. (c) it is economically sound and feasible to adopt and carry out the project area plan;
   4. (d) the project area plan conforms to the community's general plan; and
   5. (e) carrying out the project area plan will promote the public peace, health, safety, and welfare of the community in which the project area is located.