§ 501. Policy and purposes of article. There exist in many
municipalities within this state residential, non-residential,
commercial, industrial or vacant areas, and combinations thereof, which
are slum or blighted, or which are becoming slum or blighted areas
because of substandard, insanitary, deteriorated or deteriorating
conditions, factors, and characteristics, with or without tangible
physical blight. The existence of such areas constitutes a serious and
growing menace, is injurious to the public safety, health, morals and
welfare, contributes increasingly to the spread of crime, juvenile
delinquency and disease, necessitates excessive and disproportionate
expenditures of public funds for all forms of public service and
constitutes a negative influence on adjacent properties impairing their
economic soundness and stability, thereby threatening the source of
public revenues.

In order to protect and promote the safety, health, morals and welfare
of the people of the state and to promote the sound growth and
development of our municipalities, it is necessary to correct such
substandard, insanitary, blighted, deteriorated or deteriorating
conditions, factors and characteristics by the clearance, replanning,
reconstruction, redevelopment, rehabilitation, restoration or
conservation of such areas, the undertaking of public and private
improvement programs related thereto and the encouragement of
participation in these programs by private enterprise.

It is necessary for the accomplishment of such purposes to grant
municipalities of this state the rights and powers provided in this
article. The use of such rights and powers to correct such conditions,
factors and characteristics and to eliminate or prevent the development
and spread of deterioration and blight through the clearance,
replanning, reconstruction, rehabilitation, conservation or renewal of
such areas, for residential, commercial, industrial, community, public
and other uses is a public use and public purpose essential to the
public interest, and for which public funds may be expended.