Section 1. Legislative findings; declaration of policy.
It is hereby determined and declared as a matter of legislative finding:
(1) That the health, safety and general welfare of the
people of the city of the first class are directly dependent
upon the continual encouragement, development, growth and
expansion of business, commerce and tourism.
(2) That unemployment and the continuation and spread of
poverty can be alleviated by the promotion, attraction,
stimulation, development and expansion of business, commerce
and tourism in cities of the first class.
(3) That development of a major multipurpose sports and
entertainment complex and accessory uses is most appropriate
in a city of the first class, which, because of its size, is
capable of retaining and supporting professional as well as
amateur sports teams and attracting major national sporting,
and musical and cultural events; and that attraction of
business and tourism to a city of the first class as a result
of the development of such a facility and its accessory uses
will be an important factor in the continued encouragement,
promotion, attraction, stimulation, development, growth and
expansion of business, commerce and tourism within a city of
the first class.
(4) That the development of a multipurpose sports and
entertainment complex will benefit the hotel and restaurant
industries and related businesses whose livelihood is
dependent thereon throughout the entire area where such
facility is located.
(5) That the development and promotion of a multipurpose
sports and entertainment complex on public property in a city
of the first class, which will provide significant benefits
to the general public, will require the expenditure of
substantial private funds.
(6) That it is appropriate that in a city of the first
class, a multipurpose sports and entertainment complex
located on public property be exempt from real estate tax in
recognition of its public purpose in promoting business,
commerce and tourism and providing a location for
professional and amateur sporting events and musical,
cultural and entertainment events.
(7) That to promote, encourage and enable the
development on public property of a major multipurpose sports
and entertainment complex to benefit the general welfare in a
city of the first class, such a facility must be exempt from
real estate tax in recognition of its public purpose.
(8) That the development of a multipurpose sports and
entertainment complex can benefit distressed or
underdeveloped areas in the same community or in adjoining
communities.