§ 101 — Policy of state and purpose of act

§ 101. Policy of state and purpose of act. It is hereby declared\nthat in certain areas of municipalities located within this state there\nexist substandard conditions and insanitary housing conditions owing to\nobsolescence, deterioration and dilapidation of buildings, or excessive\nland coverage, lack of planning, of public facilities, of sufficient\nlight, air and space, and improper design and arrangement of living\nquarters; that there is not in such areas a sufficient supply of\nadequate, safe and sanitary dwelling accommodations properly planned and\nrelated to public facilities; that modern standards of urban life\nrequire the housing be related to adequate and convenient public\nfacilities; that the aforesaid substandard and insanitary conditions\ndepress and destroy the economic value of large areas and by impairing\nthe value of private investments threaten the sources of public\nrevenues; that the public interest requires the clearance, replanning,\nreconstruction and neighborhood rehabilitation of such substandard and\ninsanitary areas, together with adequate provision for recreational and\nother facilities incidental and appurtenant thereto according to the\nrequirements of modern urban life and that such clearance, replanning,\nreconstruction and neighborhood rehabilitation are essential to the\nprotection of the financial stability of such municipalities; that in\norder to protect the sources of public revenue it is necessary to\nmodernize the physical plan and conditions of urban life; that these\nconditions cannot be remedied by the ordinary operations of private\nenterprise; that provision must be made to encourage the investment of\nfunds in corporations, partnerships and trusts engaged in providing\nredevelopment facilities to be constructed according to the requirements\nof city planning and in effectuation of official city plans and\nregulated by law as to profits, dividends and disposition of their\nproperty or franchises; that provision must be made to enable insurance\ncompanies to provide such facilities, subject to regulation by law as to\nthe return from such facilities and the disposition of property acquired\nfor such purpose; and that provision must also be made for the\nacquisition for such corporations, partnerships, limited liability\ncompanies and trusts and companies at fair prices of real property\nrequired for such purposes in substandard areas and for public\nassistance of such corporations, partnerships and trusts and such\ncompanies by the granting of partial tax exemptions; that the\ncooperation of the state and its subdivisions is necessary to accomplish\nsuch purposes; that the clearance, replanning and reconstruction,\nrehabilitation and modernization of substandard and insanitary areas and\nthe provision of adequate, safe, sanitary and properly planned housing\naccommodations in effectuation of official city plans by such\ncorporations, partnerships, limited liability companies and trusts and\nsuch companies in these areas are public uses and purposes for which\nprivate property may be acquired for such corporations, partnerships,\nlimited liability companies and trusts and such companies and partial\ntax exemption granted for such corporations, partnerships, limited\nliability companies and trusts and such companies; that these conditions\nrequire the creation of the agencies, instrumentalities, corporations,\npartnerships and trusts hereinafter prescribed for the purpose of\nattaining the ends herein recited; and the necessity in the public\ninterest for the provisions hereinafter enacted is hereby declared as a\nmatter of legislative determination.\n