Section 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.