7-15-4202. Existence of blighted areas and resulting problems -- statement of policy. (1) The legislature finds and declares blighted areas exist within municipalities of the state that:

(a) are injurious to the public health, safety, and welfare of the residents of the state;

(b) contribute to the spread of crime and depreciation of property values;

(c) constitute an economic and social liability;

(d) substantially impair the growth of communities;

(e) constitute an impediment to developing and maintaining adequate housing; and

(f) aggravate traffic problems and hazards.

(2) Elimination of blighted areas is a matter of state policy and state concern so that the state and its municipalities do not continue to be endangered by areas that are focal centers of disease and crime, are conducive to fires, are difficult to police and to provide police protection for, and, while contributing little to the tax income of the state and its municipalities, consume an excessive proportion of its revenues because of the extra services required for police, fire, accident, hospitalization, sanitation, and other forms of public protection, services, and facilities.

(3) The state's tax increment financing laws must be used to encourage the development or redevelopment of blighted areas.