(1) The planning commission of a municipality either on its own initiative or at the request of the city council of a municipality may prepare a suggested plan for the rehabilitation of any substandard or unsanitary area as defined in section 29-4-302. (2) The preparation of the suggested plan shall include but shall not be limited to: (a) Making a survey of the locality under consideration to determine its needs; (b) Making a preliminary determination of the lands to be included in the proposed area; (c) Making a suggested plan for the development of the proposed area; (d) Preparing estimates of the cost of the acquisition of the land in the proposed area, of demolishing the structures thereon, and of doing the necessary improvement of the public grounds to be included therein; (e) Making the necessary plans for the financing of the proposed enterprise, including contacting and negotiating with agencies which might be interested in the financing thereof; and (f) The preparation of a report to the city council of the municipality on the proposed area.
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