Section 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.