99.921.  Downtown economic stimulus authority authorized, limitations. — Each municipality may create an authority to be known as a "Downtown Economic Stimulus Authority"; provided, however:

  (1)  No such authority shall transact any business or exercise its powers pursuant to sections 99.915 to 99.980 until and unless the governing body of such municipality shall, in accordance with subsection 1 of section 99.948, approve, by ordinance, the exercise of the powers, functions, and duties of an authority under sections 99.915 to 99.980;

  (2)  No governing body of a municipality shall adopt an ordinance pursuant to subdivision (1) of this section unless it finds:

  (a)  That it would be in the interest of the public to consider the establishment of a development area in accordance with sections 99.915 to 99.980;

  (b)  That the development of such a development area would be in the interest of the public health, safety, morals, or welfare of the residents of such municipality; and

  (c)  That it is anticipated that such a development area can be renovated through a series of one or more development projects;

  (3)  Cities, villages, and census-designated places located wholly within a county of the first classification with a population of more than one million, according to the last decennial census, shall undertake downtown development financing as allowed for pursuant to sections 99.915 to 99.980 through a countywide downtown economic stimulus authority.  This countywide authority shall have the same powers, functions, and duties of an authority pursuant to sections 99.915 to 99.980.  In addition, the countywide downtown economic stimulus authority shall be responsible for coordinating municipal downtown development financing activities in such a way as to discourage fiscal competition and promote mutual benefits among the affected local jurisdictions.  Each countywide downtown economic stimulus authority shall be governed by a board of commissioners.  In any county of the first classification with a population greater than one million, the authority shall be comprised of fifteen members.  Three members shall be appointed by the county executive.  Three members shall be appointed by the county council to represent class A cities and three members shall be appointed to represent class B cities, as both are defined in section 66.620.  The remaining six members shall be appointed by the county executive with the approval of the county council, of which members at least three will represent school districts within the county and the remainder shall represent other political subdivisions levying ad valorem taxes in the county.  The term of office for each member shall be at the discretion of the appointing jurisdictions.