It is hereby found by the General Assembly of the State of Arkansas that certain areas within any municipality are either suffering from neglect, abandonment, or are about to become urban blight. This subchapter is necessary to recapture or rehabilitate these neighborhoods, create new homes, rehabilitate existing structures, and maintain residents for a period of several years. Overcoming neighborhood decay and blight fulfills a legitimate public purpose that is essential to the public health, safety and welfare. Therefore, cities are free to designate one (1) or more targeted neighborhoods and to implement a targeted neighborhood enhancement plan in accordance with this subchapter.