(a) The municipality must pass a resolution, containing a proposed map, noting its intent to designate a particular area as a targeted neighborhood. The area will be referred to as the (name of area) Targeted Neighborhood Enhancement Plan.

(b) Upon the passage of the resolution, the municipality shall compile a report on the targeted neighborhood which sets forth the following information:

(1) A brief history of the neighborhood including current demographic information of the residents,

(2) Information on the deterioration or demolition of housing stock,

(3) Information concerning incidents of crime,

(4) The location of existing government resources that could help rehabilitate the neighborhood such as police and fire substations, schools, playgrounds, or other government centers,

(5) A list of financial institutions that are willing to participate as lending institutions to persons that contract with the city to build, or rehabilitate, and reside in a residential structure within the targeted neighborhood pursuant to the provisions of this subchapter,

(6) A proposed plan to rehabilitate the various blocks of the neighborhood that sets forth, among other things, the resources the municipality is willing to dedicate to ensure the success of the effort. For example, the location of a community-oriented police effort to enable residents to feel more secure would be an example of a resource the municipality is willing to dedicate.

(c) Once this plan is completed, the municipality shall conduct two (2) public hearings at different locations to indicate the nature of the rehabilitation plan and the resources the municipality is willing to dedicate to the rehabilitation effort over the next five (5) years.

(d) After any amendments to the plan the municipality wishes to make as a result of the public hearings, the municipality shall adopt an ordinance that sets forth the plan and sets forth the resources the municipality is able to dedicate to the plan over the period of five (5) years.