N.Y. General Municipal Law § 551: Policy and purposes of article

§ 551. Policy and purposes of article. It is hereby declared to be the

policy of this state to promote the expeditious undertaking, financing

and completion of municipal urban renewal programs by the creation of

municipal urban renewal agencies which are hereby declared to be

governmental agencies and instrumentalities and to grant to such urban

renewal agencies the rights and powers provided in this article. The use

of such rights and powers is a public purpose essential to the public

interest, and for which public funds may be expended.