The general assembly finds and declares:

(1)  That there are certain distressed areas in this state which are characterized by substantial and persistent levels of unemployment; blighted areas; obsolete, dilapidated, and abandoned industrial and commercial structures; and, as a consequence, continually shrinking tax bases which threaten their very existence;

(2)  That the numerous programs undertaken by the federal government and the state during the past two (2) decades to stop the deterioration and stimulate economic activity in these urban areas have, in large part, failed;

(3)  That it is the public policy of this state to undertake an experimental program to stimulate economic revitalization, promote employment opportunities, and encourage business development and expansion in distressed areas.