(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.
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