5.1. & 5.2. SR 04-08-2002 - Laserfiche WebLink

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to prevent the economic deterioration of such areas to the point where the process can be reversed only by total redevelopment. Through the use of the powers conferred on the EDA pursuant to the Enabling Act, promoting public service, economic, housing, industrial and commercial development may prevent the occurrence of conditions requiring redevelopment and prevent the emergence of factors contributing or giving rise to blight, marginal land, and substantial and persistent unemployment. Section 1.4. Statement of Obiectives. The EDA seeks to achieve one or more of the following objectives with respect to such property within the Development Project as the EDA may determine and in such circumstances and upon such terms as the EDA may deem appropriate or necessary from time to time: (a) To promote and secure the prompt development of property within the Development Project, including necessary governmental and other public service facilities and public infrastructures and fights-of-way, in a manner consistent with existing and applicable land use plans. (b) To secure the prompt development of property in the Development Project in order to (i) realize return on presently existing public investment in public utilities, services, streets, and other infrastructures, (ii) prevent the emergence of or to help remedy blight or blighting factors and (iii) promote retention and expansion of the City's housing stock and other property tax base. (c) To assist such prompt development through the acquisition or write-down of certain interests in property within the Development Project 'which is not now in productive use or in its highest and best use, to make or defray the cost of demolition, removal, remediation and/or soil corrections or other site improvements on said property, and to construct or reimburse for the construction of public improvements and other facilities on or for the benefit of said property, thereby promoting and securing the development of other land within the Development Project. Such acquisition may occur both through negotiation and the power of eminent domain, where deemed necessary to achieve the desired goals and specific implementation of the Development Program. (d) Through the implementation of this Development Program, to provide an impetus for residential and other development desirable or necessary to accommodate increased population within the City. (e) To promote and secure additional employment opportunities within the City, and the diversification thereof, and to prevent the loss of existing employment opportunities, thereby preventing the loss of valuable human resources. (f) To provide funding for an ongoing development strategy and to prioritize the use of available resources. (g) To implement and revise from time to time, as may be deemed necessary or desirable, a consolidated and unified Development Program and to finance the associated development costs on a area-wide basis. 1382791vl