(a) It is the policy of the territory to provide the necessary means to assist local communities, their residents, and the private sector in creating the proper economic and social environment to induce the investment of private resources in productive business enterprises located in severely distressed Enterprise Zone areas and to provide jobs for the residents of such areas. In achieving this objective, the territory will seek to provide appropriate investments, tax benefits, and regulatory relief of sufficient importance to encourage the business community to commit its financial participation.
(b) The purpose of this chapter is to establish a process that provides incentives by the Government to induce private investment in Enterprise Zone areas by removing unnecessary governmental regulatory barriers to economic growth, and to provide tax incentives and economic development program benefits.
(c) The Legislature, therefore, declares the revitalization of Enterprise Zone areas, through the concerted efforts of Government and the private sector, to be a public purpose.