New Jersey § 34:1b-37

§ 34:1b-37.

The Legislature finds that there continue to exist in the State areas of high unemployment,

low levels of new capital investment, depressed living and working conditions, and

a deteriorating tax base; that vigorous action can halt the decline or threat of

decline in economic activity and the underemployment of economic resources in these

areas, avert economic losses, reverse the deterioration of the value of existing investment

therein and the level of public revenue collections on that investment, and eliminate

the disincentive to new investment; and that the improvement of these areas 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 assisting private and public efforts on

behalf of community development. The Legislature determines that the development and redevelopment of these areas require

substantial private capital spending; that the stimulation of that spending in turn

requires the leadership of the State and of the citizens of the municipalities concerned

as to financial commitment and as to public participation in the planning of the course

of economic renewal; that many municipalities, counties, local development corporations

and other entities engaged in economic development in these areas of the State have

shown a willingness to cooperate with the private sector, the dynamism and discipline

of which are essential to reviving all aspects of a community, and to help the private

sector make the necessary financial commitment to undertake economic enterprises in

older communities; that many entrepreneurs, and the public entities for economic

development which work with them, have experienced difficulty in raising start-up

money for projects of relative risk which are justified both on economic grounds and

on grounds of their potential contribution to the welfare of the communities in which

they are located; that expanded activity by entrepreneurs and these entities is necessary

to the commercial and industrial redevelopment of these communities; and that the

problems posed by the decline of these communities is beyond remedy solely through

the exercise by government of its regulatory and police power and, because of the

greater relative risk, have not been effectively addressed by the operations of private

enterprise. The Legislature, therefore, declares that in order to aid in remedying the aforesaid

conditions of underemployment and underinvestment as they obtain in certain urban

municipalities of the State, and to further the purposes of this act, there shall

be created a State fund, under the supervision of the Department of Commerce and Economic

Development, to provide direct State financial assistance to local commercial and

industrial projects as provided in this act, that the authority and powers conferred

hereunder and the expenditure of public moneys as provided herein are in service of

a valid public purpose and that the enactment of the provisions hereinafter set forth

is in the public interest and for the public benefit and good and is so declared as

a matter of express legislative determination.