Section 1971. Statement of legislative findings and purposes

It is hereby
  found and declared that there exists on  the  lower  West  side  of  the
  county  of  New  York,  North of Battery Park and on and adjacent to the
  Hudson River, a blighted area, defined in this title as the Battery Park
  project  area,  marked  by  substandard,  insanitary,  deteriorated  and
  deteriorating  conditions,  in  which  area  there  exists  obsolete and
  dilapidated buildings and  structures,  including  piers,  of  defective
  construction and outmoded design, lacking proper sanitary facilities and
  adequate  fire  and  safety  protection, and with insufficient light and
  ventilation  and  inadequate  maintenance;   buildings   or   structures
  abandoned  or  not  utilized  in  whole  or in part; obsolete systems of
  utilities;  poorly  or   improperly   designed   street   patterns   and
  intersections  with  inadequate access to areas; traffic congestion; and
  obsolete street widths, sizes and shapes, all of which hamper and impede
  the proper and economic development of such area and of the city of  New
  York and of the state as a whole.
    It  is further found and declared that such area is no longer suitable
  or useful for piers or for facilities appurtenant  to  the  loading  and
  unloading  of  commercial  cargo,  and that retaining piers in such area
  creates a blighting effect on such area and on surrounding areas and  is
  detrimental  to  the  development  of  such  area  and to the growth and
  prosperity of the county and city of New York and  of  the  state  as  a
  whole.
    It  is  hereby  declared  that  the  improvement  of  such  area,  the
  elimination of pier facilities and of the  present  structures  therein,
  and  the  replanning,  reconstruction  and  redevelopment  of  such area
  including the filling of the Hudson River at such area up to the present
  pierhead line, the preparation of the resulting  land  for  development,
  and  the creation in such area, in cooperation with the city of New York
  and the private sector, of a mixed commercial and residential community,
  with adequate utilities systems and civic and public facilities such  as
  schools,  open  public  spaces, recreational and cultural facilities, is
  necessary for the prosperity and welfare of the people of  the  city  of
  New  York  and  of  the state as a whole, and is a public use and public
  purpose for which tax exemptions may be granted, and that the powers and
  duties of  battery  park  city  authority  as  hereinafter  recited  are
  necessary and proper for the purpose of achieving such ends.
    It  is hereby further found and declared that there continues to exist
  throughout the city of New York 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.  In  order  to
  encourage  the  investment  of private capital and provide such dwelling
  accommodations, provision should be  made  for  mortgage  loans  at  low
  interest  rates to housing companies which, subject to regulations as to
  rents, profits, dividends and disposition of their property, supply such
  dwelling accommodations and other facilities incidental  or  appurtenant
  thereto to such persons and families.
    Therefore,  it  is  hereby  found  and declared that Battery Park city
  authority, through the 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  authority'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 the federal government, may provide or obtain the

  capital resources  necessary  to  provide  dwelling  accommodations  for
  persons  and  families  of  low  income,  and  facilities  incidental or
  appurtenant thereto, and, where necessary, to carry out  the  clearance,
  replanning,  reconstruction  and  rehabilitation of such substandard and
  insanitary areas.
    It is hereby further found  and  declared  that  the  acquisition  and
  construction  of adequate, safe and sanitary dwelling 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 exemptions granted, and that the powers and duties of
  battery park city authority or its subsidiaries as  hereinafter  recited
  are  necessary  and  proper  for  the purpose of achieving the ends here
  recited.