§ 2. Statement of legislative findings and purposes. It is hereby
found and declared that there exists in urban areas of this state a
condition of substantial and persistent unemployment and underemployment
which causes hardship to many individuals and families, wastes vital
human resources, increases the public assistance burdens of the state
and municipalities, impairs the security of family life, contributes to
the growth of crime and delinquency, prevents many of our youth from
finishing their educations, impedes the economic and physical
development of municipalities and adversely affects the welfare and
prosperity of all the people of the state. Many existing industrial,
manufacturing and commercial facilities in such urban areas are obsolete
and inefficient, dilapidated, and without adequate mass transportation
facilities and public services. Many of such facilities are
underutilized or in the process of being vacated, creating additional
unemployment. Technological advances and the provision of modern,
efficient facilities in other states will speed the obsolescence and
abandonment of existing facilities causing serious injury to the economy
of the state. Many existing and planned industrial, manufacturing and
commercial facilities are, moreover, far from or not easily accessible
to the places of residence of substantial numbers of unemployed persons.
As a result, problems of chronic unemployment are not being alleviated
but are aggravated. New industrial, manufacturing and commercial
facilities are required to attract and house new industries and thereby
to reduce the hazards of unemployment. The unaided efforts of private
enterprise have not met and cannot meet the needs of providing such
facilities due to problems encountered in assembling suitable building
sites, lack of adequate public services, the unavailability of private
capital for development in such urban areas, and the inability of
private enterprise alone to plan, finance and coordinate industrial and
commercial development with residential developments for persons and
families of low income and with public services and mass transportation
facilities.

It is further found and declared that there exist in many
municipalities within this state residential, nonresidential,
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, including obsolete and dilapidated buildings and structures,
defective construction, outmoded design, lack of proper sanitary
facilities or adequate fire or safety protection, excessive land
coverage, insufficient light and ventilation, excessive population
density, illegal uses and conversions, inadequate maintenance, buildings
abandoned or not utilized in whole or substantial part, obsolete systems
of utilities, poorly or improperly designed street patterns and
intersections, inadequate access to areas, traffic congestion hazardous
to the public safety, lack of suitable off-street parking, inadequate
loading and unloading facilities, impractical street widths, sizes and
shapes, blocks and lots of irregular form, shape or insufficient size,
width or depth, unsuitable topography, subsoil or other physical
conditions, all of which hamper or impede proper and economic
development of such areas and which impair or arrest the sound growth of
the area, community or municipality, and the state as a whole.

It is further found and declared that there is a serious need
throughout the state for adequate educational, recreational, cultural
and other community facilities, the lack of which threatens and
adversely affects the health, safety, morals and welfare of the people
of the state.

It is further found and declared that there continues to exist
throughout the state a seriously inadequate supply of safe and sanitary
dwelling accommodations for persons and families of low income. This
condition is contrary to the public interest and threatens the health,
safety, welfare, comfort and security of the people of the state. The
ordinary operations of private enterprise cannot provide an adequate
supply of safe and sanitary dwelling accommodations at rentals which
persons and families of low income can afford.

It is hereby declared to be the policy of the state to promote a
vigorous and growing economy, to prevent economic stagnation and to
encourage the creation of new job opportunities in order to protect
against the hazards of unemployment, reduce the level of public
assistance to now indigent individuals and families, increase revenues
to the state and to its municipalities and to achieve stable and
diversified local economies. In furtherance of these goals, it is the
policy of the state to retain existing industries and to attract new
industries through the acquisition, construction, reconstruction and
rehabilitation of industrial and manufacturing plants and commercial
facilities, and to develop sites for new industrial and commercial
building. It is further declared to be the policy of the state to
promote the development of such plants and facilities, reasonably
accessible to residential facilities, in those areas where substantial
unemployment or underemployment exists, to the end that the industrial
and commercial development of our urban areas will proceed in sound
fashion and in coordination with development of housing, mass
transportation and public services, and that job opportunities will be
available in those areas where people lack jobs.

It is further declared to be the policy of the state to promote the
safety, health, morals and welfare of the people of the state and to
promote the sound growth and development of our municipalities through
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, and of areas reasonably
accessible thereto the undertaking of public and private improvement
programs related thereto, including the provision of educational,
recreational and cultural facilities, and the encouragement of
participation in these programs by private enterprise.

It is further declared to be the policy of the state to promote the
safety, health, morals and welfare of the people of the state through
the provision of adequate, safe and sanitary dwelling accommodations and
facilities incidental or appurtenant thereto for persons and families of
low income.

For these purposes, there should be created a corporate governmental
agency to be known as the "New York state urban development corporation"
which, through issuance of bonds and notes to the private, investing
public, by encouraging maximum participation by the private sector of
the economy, including the sale or lease of the corporation's interest
in projects at the earliest time deemed feasible, and through
participation in programs undertaken by the state, its agencies and
subdivisions, and by municipalities and the federal government, may
provide or obtain the capital resources necessary to acquire, construct,
reconstruct, rehabilitate or improve such industrial, manufacturing,
commercial, educational, recreational and cultural facilities, and
housing accommodations for persons and families of low income, and
facilities incidental or appurtenant thereto, and to carry out the
clearance, replanning, reconstruction and rehabilitation of such
substandard and insanitary areas.

It is further declared to be the policy of New York state to encourage
the development of research and development facilities and high
technology industrial incubator space at institutions of higher
education located in this state and authorized to confer degrees by law
or by the board of regents, or on lands in reasonable proximity to such
institutions provided that (i) in the case of research and development
facilities such facilities are for the cooperative use of one or more
such institutions and one or more business corporations, research
consortia or other industrial organizations involved in research,
development, demonstration, or other technologically oriented industrial
activities; and (ii) in the case of high technology industrial incubator
space, such space shall be for rental to business concerns which are in
their formative stages and which are involved in high technology
activities, including but not limited to business concerns initiated by
students, employees of such institution, including faculty members and
other persons or firms academically associated with such institution.

It is hereby declared that the acquisition, construction,
reconstruction, rehabilitation or improvement of such industrial,
manufacturing and commercial facilities, and of such cultural,
educational and recreational facilities including but not limited to
facilities identified as projects and called for to implement a state
designated heritage area management plan as provided in title G of the
parks, recreation and historic preservation law; the clearance,
replanning, reconstruction and rehabilitation of such substandard and
insanitary areas; and the provision of adequate, safe and sanitary
housing accommodations for persons and families of low income and such
facilities as may be incidental or appurtenant thereto are public uses
and public purposes for which public money may be loaned and private
property may be acquired and tax exemption granted, and that the powers
and duties of the New York state urban development corporation as
hereinafter prescribed are necessary and proper for the purpose of
achieving the ends here recited.