Section 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.