§ 505. Urban renewal plan and approval thereof. 1. Following the
designation of an area pursuant to section five hundred four of this
article, the agency shall prepare or cause to be prepared an urban
renewal plan for such area in its entirety or, where the designated area
is of such scope that the agency deems it necessary or advisable to have
the urban renewal activities to be undertaken therein carried out in
stages, an urban renewal plan for a part or portion of such designated
area.

2. The urban renewal plan for the designated area, or for a part or
portion of such area, shall be submitted to the commission which shall
certify, after a public hearing held on due notice, whether such plan
complies with the provisions of subdivision seven of section five
hundred two of this article and conforms to the finding made pursuant to
section five hundred four of this article. The commission shall submit
its report to the governing body, not later than ten weeks from the date
of referral of the plan to it, certifying its unqualified approval, its
disapproval, or its qualified approval with recommendations for
modifications therein.

3. After a public hearing, held on due notice after the report is
received or due from the commission, the governing body may:

(a) if the commission shall have certified its unqualified approval,
approve the plan by a majority vote;

(b) if the commission shall have certified its disapproval or shall
have failed to make its report within ten weeks from the date such plan
was submitted to it by the agency, nevertheless approve the plan, but
only by a three-fourths vote;

(c) if the commission shall have certified its qualified approval
together with recommendations for modifications, approve the plan
together with the modifications recommended by the commission by a
majority vote, or approve the plan without such modifications but only
by a three-fourths vote.

4. Upon approving the urban renewal plan for the designated area, or
for a part or portion of such area, with or without modifications
recommended by the commission, the governing body shall by resolution
find that:

(a) The area is a substandard or insanitary area, or is in danger of
becoming a substandard or insanitary area and tends to impair or arrest
the sound growth and development of the municipality.

(b) The financial aid to be provided to the municipality is necessary
to enable the project to be undertaken in accordance with the plan.

(c) The plan affords maximum opportunity to private enterprise,
consistent with the sound needs of the municipality as a whole, for the
undertaking of an urban renewal program.

(d) The plan conforms to a comprehensive community plan for the
development of the municipality as a whole.

(e) There is a feasible method for the relocation of families and
individuals displaced from the urban renewal area into decent, safe and
sanitary dwellings, which are or will be provided in the urban renewal
area or in other areas not generally less desirable in regard to public
utilities and public and commercial facilities, at rents or prices
within the financial means of such families or individuals, and
reasonably accessible to their places of employment.

Upon approving an urban renewal plan for a part or portion of a
designated area, the governing body shall, in addition to the foregoing,
also find that the undertaking and carrying out of the urban renewal
activities in stages is in the best public interest and will not cause
any additional or increased hardship to the residents of such designated
area.

5. In a city having a population of one million or more, any action of
the council approving an urban renewal plan shall be filed with the
mayor within five days of such action for approval or disapproval.