The governing body of a community shall not adopt a resolution pursuant to § 4503 of this title unless it finds that:

(1) One or more slum or blighted areas (as defined in § 4501 of this title) exist in such community; and

(2) The redevelopment of such area or areas is necessary in the interest of the public health, safety, morals or welfare of the residents of such community.

48 Del. Laws, c. 345, § ?4; 31 Del. C. 1953, § ?4504;