§ 691. Policy and purposes of article. There exist in many
municipalities within this state municipally-owned areas which were
acquired pursuant to the urban renewal powers delineated in article
fifteen of this chapter or through condemnation for projects now
abandoned or as a direct result of previous landowners' failure to meet
in full their real estate tax or other obligations or through
proceedings relating to abandoned multiple dwellings or which consist of
municipal facilities no longer needed for public purposes. These areas
are residential, non-residential, commercial, industrial, municipal
facilities 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 maintenance 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 provide incentives
for the correction of 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 and participation in these programs by private
enterprise.

Moreover in order to assure that each segment of our society,
particularly enterprises experienced in the construction of one to four
family residential structures and business enterprises which are
controlled by members of minorities, is accorded a real and proper
ability to participate in projects to be undertaken pursuant to this
article, it must be the public policy of each municipality operating
pursuant to the provisions hereof to take such initiatives as are
appropriate to effect such participation.

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.