Section 102. Legislative findings.
The General Assembly finds and declares as follows:
(1) There currently exist in first class cities located
within this Commonwealth areas of economic distress
characterized by deteriorated property, high unemployment,
low investment of new capital and underutilized, obsolete or
abandoned industrial or commercial structures.
(2) These areas require coordinated efforts by private
and public entities to restore prosperity and enable the
areas to make significant contributions to the economic and
social life of this Commonwealth.
(3) Long-term economic viability of these areas requires
the cooperative involvement of residents, businesses, State
and local elected officials and community organizations. It
is in the best interest of the Commonwealth to assist and
encourage the creation of economic development districts and
to provide temporary relief from certain taxes within the
economic development districts to accomplish the purposes of
this act.