§ 101. Policy of state and purpose of act. It is hereby declared
that in certain areas of municipalities located within this state there
exist substandard conditions and insanitary housing conditions owing to
obsolescence, deterioration and dilapidation of buildings, or excessive
land coverage, lack of planning, of public facilities, of sufficient
light, air and space, and improper design and arrangement of living
quarters; that there is not in such areas a sufficient supply of
adequate, safe and sanitary dwelling accommodations properly planned and
related to public facilities; that modern standards of urban life
require the housing be related to adequate and convenient public
facilities; that the aforesaid substandard and insanitary conditions
depress and destroy the economic value of large areas and by impairing
the value of private investments threaten the sources of public
revenues; that the public interest requires the clearance, replanning,
reconstruction and neighborhood rehabilitation of such substandard and
insanitary areas, together with adequate provision for recreational and
other facilities incidental and appurtenant thereto according to the
requirements of modern urban life and that such clearance, replanning,
reconstruction and neighborhood rehabilitation are essential to the
protection of the financial stability of such municipalities; that in
order to protect the sources of public revenue it is necessary to
modernize the physical plan and conditions of urban life; that these
conditions cannot be remedied by the ordinary operations of private
enterprise; that provision must be made to encourage the investment of
funds in corporations, partnerships and trusts engaged in providing
redevelopment facilities to be constructed according to the requirements
of city planning and in effectuation of official city plans and
regulated by law as to profits, dividends and disposition of their
property or franchises; that provision must be made to enable insurance
companies to provide such facilities, subject to regulation by law as to
the return from such facilities and the disposition of property acquired
for such purpose; and that provision must also be made for the
acquisition for such corporations, partnerships, limited liability
companies and trusts and companies at fair prices of real property
required for such purposes in substandard areas and for public
assistance of such corporations, partnerships and trusts and such
companies by the granting of partial tax exemptions; that the
cooperation of the state and its subdivisions is necessary to accomplish
such purposes; that the clearance, replanning and reconstruction,
rehabilitation and modernization of substandard and insanitary areas and
the provision of adequate, safe, sanitary and properly planned housing
accommodations in effectuation of official city plans by such
corporations, partnerships, limited liability companies and trusts and
such companies in these areas are public uses and purposes for which
private property may be acquired for such corporations, partnerships,
limited liability companies and trusts and such companies and partial
tax exemption granted for such corporations, partnerships, limited
liability companies and trusts and such companies; that these conditions
require the creation of the agencies, instrumentalities, corporations,
partnerships and trusts hereinafter prescribed for the purpose of
attaining the ends herein recited; and the necessity in the public
interest for the provisions hereinafter enacted is hereby declared as a
matter of legislative determination.