1.  Existence of depressed areas.  There exists in the municipalities of the State deteriorating, dilapidated, slum and blighted areas, dangerous buildings and incompatible uses of property, which constitute a serious threat to the public health, safety or welfare of the residents of the State;  

2.  Expense to public. 

3.  Effect on municipalities.  These areas, buildings and uses constitute an economic and social liability and substantially impair or arrest the sound growth of municipalities;  

4.  Not remediable by regulation or private enterprise.  These threats are beyond remedy and control solely by regulatory process in the exercise of police power and cannot be dealt with effectively by the ordinary operation of private enterprise without the aids provided in this chapter;  

5.  Public purpose.  The elimination of these areas, buildings and uses, the acquisition and preparation of land in or necessary to the redevelopment and rehabilitation of the areas, buildings and uses, and its sale or lease in accordance with community development programs adopted by municipalities, any assistance which may be given by any state or federal public bodies or agencies and any money raised or appropriated by municipalities in connection with that activity, are public uses required by the public exigencies and are purposes for which public money may be expended and private property acquired; and  

6.  Legislative determination.  The necessity of the public interest for this chapter is hereby declared as a matter of legislative determination.