It is found and declared that:
(1) There exists in many communities within this state blighted areas, as defined in § 14-169-604, or areas in the process of becoming blighted;
(2)
(A) Such areas impair economic values and tax revenues;
(B) Such areas cause an increase in and spread of disease and crime and constitute a menace to the health, safety, morals, and welfare of the residents of the state; and
(C) These conditions necessitate excessive and disproportionate expenditures of public funds for crime prevention and punishment, public health and safety, and accident protection, and other public services and facilities;
(3) The clearance, replanning, and preparation for rebuilding of these areas and the prevention or the reduction of blight and its causes are public uses and purposes for which public money may be spent and private property acquired and are governmental functions of state concern;
(4)
(A) Redevelopment activities will stimulate residential construction which is closely correlated with general economic activity; and
(B) Such undertakings authorized by this subchapter will aid the production of better housing and more desirable neighborhood and community development at lower costs and will make possible a more stable and larger volume of residential construction, which will assist materially in achieving and maintaining full employment; and
(5)
(A) It is in the public interest that advance preparation for such projects and activities be made; and
(B) The necessity in the public interest for the provisions enacted in this subchapter is declared as a matter of legislative determination.