It is hereby determined and declared that the deterioration of the central business districts of some cities and towns of the state by reason of dilapidation, obsolescence, overcrowding, faulty arrangement or design, deleterious land use, obsolete layout, or any combination of these or other factors, is a threat to the property tax and other revenue sources of such municipalities and is detrimental to the safety, health, morals, and general and economic welfare of the communities in which they are located; that the elimination of urban blight and decay and the modernization and general improvement of such central business districts by governmental action is considered necessary to promote the public health, safety and welfare of such communities; and that restoration of such central business districts is an appropriate subject for remedial legislation.