"Marginal lands" is defined and characterized by any one or more of the following described conditions:
(1) An economic dislocation, deterioration, or disuse resulting from faulty planning.
(2) The subdividing and sale of lots of irregular form and shape and inadequate size for proper usefulness and development.
(3) The laying out of lots in disregard of the contours and other physical characteristics of the ground and surrounding conditions.
(4) The existence of inadequate streets, open spaces, and utilities.
(5) The existence of lots or other areas which are subject to being submerged by water.
(6) By a prevalence of depreciated values, impaired investments, and social and economic maladjustment to such an extent that the capacity to pay taxes is reduced and tax receipts are inadequate for the cost of public services rendered.
(7) In some parts of marginal lands, a growing or total lack of proper utilization of areas, resulting in a stagnant and unproductive condition of land potentially useful and valuable for contributing to the public health, safety and welfare.
(8) In other parts of marginal lands, a loss of population and reduction of proper utilization of the area, resulting in its further deterioration and added costs to the taxpayer for the creation of new public facilities and services elsewhere.
(9) Property of an assessed valuation of insufficient amount to permit the establishment of a local improvement district for the construction and installation of streets, walks, sewers, water and other utilities.
(10) Lands within an industrial area which are not devoted to industrial use but which are necessary to industrial development within the industrial area.
[ 1955 c 73 § 3.]