Pennsylvania Statutes Title 53 P.S. Municipal and Quasi-Municipal Corporations § 18200.102. Legislative findings

(1) There currently exist in first class cities located within this Commonwealth areas of economic distress characterized by deteriorated property, high unemployment, low investment of new capital and underutilized, obsolete or abandoned industrial or commercial structures.

(2) These areas require coordinated efforts by private and public entities to restore prosperity and enable the areas to make significant contributions to the economic and social life of this Commonwealth.

(3) Long-term economic viability of these areas requires the cooperative involvement of residents, businesses, State and local elected officials and community organizations.  It is in the best interest of the Commonwealth to assist and encourage the creation of economic development districts and to provide temporary relief from certain taxes within the economic development districts to accomplish the purposes of this act.