Subchapter I.  Enterprise zone program

§ 1001.  Legislative findings

  The Legislature hereby finds and declares that:

• There exists in localities throughout the territory, areas of historical significance that once experienced commercial and trade activity, but due to the general economic downturn are in need of economic and physical revitalization;
  
  
• These areas having been proclaimed by Executive Order as Enterprise Zones include blighted areas (as defined in section 1003 of this Title) that have displayed high levels of unemployment. physical deterioration, and economic disinvestment;
  
  
• The existence of such areas tarnishes the image and reputation of the territory in the eyes of its residents and visitors alike, reduces the desirability of these areas as places to visit, work and live, and substantially impairs the sound growth of communities and business enterprises within these areas;
  
  
• The revitalization and redevelopment of these areas for the ultimate benefit of its residents and the territory as a whole is of critical importance;
  
  
• The resources of the Government alone, without the aid provided in this chapter, are insufficient and often inappropriate, to successfully undertake the massive task of restoring the social and economic productivity of such areas;
  
  
• The revitalization of these areas can only occur if the private sector can be induced to invest its own resources in productive enterprises that will ultimately rebuild the commercial viability of these areas and provide jobs for their residents;
  
  
• In order to provide the private sector with the necessary incentives to invest in these blighted areas, the Government should seek ways to relax or eliminate fiscal and regulatory constraints and should seek to identify supportive actions that facilitate business investment in these blighted areas;
  
  
• The elimination of conditions of blight is vital to the economic and physical rehabilitation of these Enterprise Zones; and
  
  
• All powers conferred by this chapter are for public uses and purposes for which public money may be expended and such other powers exercised, and the necessity in public interest for the provisions of this chapter is declared as a matter of legislative determination.