New Jersey § 34:1b-7

§ 34:1b-7.

The Legislature finds that there continue to exist in the State's urban communities

high unemployment, low levels of new capital investment, depressed living and working

conditions and deteriorating tax bases; that vigorous action to effectively utilize

their positions as principal centers of communication and transportation and their

concentration of productive and energy-efficient facilities can halt the decline in

economic activity and the underemployment of economic resources in these communities,

reverse the deterioration of the value of existing investment therein and the level

of public revenue collection on that investment, and eliminate the disincentive to

new investment; and that the improvement of these communities is vital to the safety,

health and welfare of the residents thereof and of the State, and constitutes a major

opportunity for enhancing the economic condition of the State, for augmenting the

fiscal resources of government and for stimulating private and public efforts to enhance

the attractiveness and desirability of the State as a place to live and work. The Legislature determines that it is a public purpose of the New Jersey Economic

Development Authority as articulated in P.L.1977, c. 460 to provide for the acquisition,

clearance, construction, and redevelopment of industrial and commercial centers in

urban areas within the State in order to induce private business to invest in employment

generating facilities in such areas; that the authority, with the direction and assistance

of the Legislature, has established a successful model program for the use of public

funds to leverage private investment capital for the development of urban communities

of the State; that under this program industrial park improvements to formerly vacant

sites in several urban communities have resulted in modern and secure industrial facilities

generating new tax ratables and employment opportunities by attracting substantial

private investment; and that the availability of financial assistance by the State

will be a necessary and critical element in the successful undertaking, financing

and completion of projects under this program now and in the future. The Legislature declares that it is in the public interest of this State to continue

and strengthen the existing program of the authority to undertake industrial and commercial

parks in urban communities as part of a general State effort to provide support for

the revitalization and development of communities of this State; and that the authority's

efforts in this regard provide a most reasonable and appropriate method of directing

public funds available for community economic development efforts toward their proper

ends and purposes.