1. Blighted, abandoned, environmentally hazardous and functionally obsolete property burdens public resources. There exist areas in the State in need of economic revitalization where blighted, abandoned and environmentally hazardous property and property that is both functionally obsolete and unfit to be repurposed for another use present burdens on municipal revenues and public health and safety;

2. Need for revitalization. In order to strengthen and revitalize the economy of the State and municipalities, it is in the best interest of the State to assemble and dispose of blighted, abandoned and environmentally hazardous property and property that is both functionally obsolete and unfit to be repurposed for another use in a coordinated manner to foster development of that property and promote economic growth;

3. Coordinated development of blighted, abandoned, environmentally hazardous and functionally obsolete property serves the public interest. The planning and preparation for revitalizing the economy through the acquisition of blighted, abandoned and environmentally hazardous property and property that is both functionally obsolete and unfit to be repurposed for another use using public money are a governmental concern and serve a valid public purpose;

4. Facilitate coordinated redevelopment of blighted, abandoned, environmentally hazardous and functionally obsolete property. The establishment of the redevelopment authority is necessary to facilitate the relief of the conditions described in this section by assisting public entities, including, but not limited to, municipalities, counties, regional planning organizations and state agencies, in the redevelopment of blighted, abandoned and environmentally hazardous property and property that is both functionally obsolete and unfit to be repurposed for another productive use; and

5. Municipalities, counties and unorganized territories have properties that they cannot restore to productive use due to a variety of technical or financial issues. The establishment of the redevelopment authority is necessary to provide technical and financial assistance to local governments upon request for the purpose of returning to productive use blighted, abandoned, environmentally hazardous and functionally obsolete property, including property acquired by a municipality through the municipal foreclosure process.