N.Y. Public Authorities Law § 1971: Statement of legislative findings and purposes

§ 1971. Statement of legislative findings and purposes. It is hereby

found and declared that there exists on the lower West side of the

county of New York, North of Battery Park and on and adjacent to the

Hudson River, a blighted area, defined in this title as the Battery Park

project area, marked by substandard, insanitary, deteriorated and

deteriorating conditions, in which area there exists obsolete and

dilapidated buildings and structures, including piers, of defective

construction and outmoded design, lacking proper sanitary facilities and

adequate fire and safety protection, and with insufficient light and

ventilation and inadequate maintenance; buildings or structures

abandoned or not utilized in whole or in part; obsolete systems of

utilities; poorly or improperly designed street patterns and

intersections with inadequate access to areas; traffic congestion; and

obsolete street widths, sizes and shapes, all of which hamper and impede

the proper and economic development of such area and of the city of New

York and of the state as a whole.

It is further found and declared that such area is no longer suitable

or useful for piers or for facilities appurtenant to the loading and

unloading of commercial cargo, and that retaining piers in such area

creates a blighting effect on such area and on surrounding areas and is

detrimental to the development of such area and to the growth and

prosperity of the county and city of New York and of the state as a

whole.

It is hereby declared that the improvement of such area, the

elimination of pier facilities and of the present structures therein,

and the replanning, reconstruction and redevelopment of such area

including the filling of the Hudson River at such area up to the present

pierhead line, the preparation of the resulting land for development,

and the creation in such area, in cooperation with the city of New York

and the private sector, of a mixed commercial and residential community,

with adequate utilities systems and civic and public facilities such as

schools, open public spaces, recreational and cultural facilities, is

necessary for the prosperity and welfare of the people of the city of

New York and of the state as a whole, and is a public use and public

purpose for which tax exemptions may be granted, and that the powers and

duties of battery park city authority as hereinafter recited are

necessary and proper for the purpose of achieving such ends.

It is hereby further found and declared that there continues to exist

throughout the city of New York a seriously inadequate supply of safe

and sanitary dwelling accommodations for persons and families of low

income. This condition is contrary to the public interest and threatens

the health, safety, welfare, comfort and security of the people of the

state. The ordinary operations of private enterprise cannot provide an

adequate supply of safe and sanitary dwelling accommodations at rentals

which persons and families of low income can afford. In order to

encourage the investment of private capital and provide such dwelling

accommodations, provision should be made for mortgage loans at low

interest rates to housing companies which, subject to regulations as to

rents, profits, dividends and disposition of their property, supply such

dwelling accommodations and other facilities incidental or appurtenant

thereto to such persons and families.

Therefore, it is hereby found and declared that Battery Park city

authority, through the issuance of bonds and notes to the private

investing public, by encouraging maximum participation by the private

sector of the economy, including the sale or lease of the authority's

interest in projects at the earliest time deemed feasible, and through

participation in programs undertaken by the state, its agencies and

subdivisions, and by the federal government, may provide or obtain the

capital resources necessary to provide dwelling accommodations for

persons and families of low income, and facilities incidental or

appurtenant thereto, and, where necessary, to carry out the clearance,

replanning, reconstruction and rehabilitation of such substandard and

insanitary areas.

It is hereby further found and declared that the acquisition and

construction of adequate, safe and sanitary dwelling accommodations for

persons and families of low income and such facilities as may be

incidental or appurtenant thereto, are public uses and public purposes

for which public money may be loaned and private property may be

acquired and tax exemptions granted, and that the powers and duties of

battery park city authority or its subsidiaries as hereinafter recited

are necessary and proper for the purpose of achieving the ends here

recited.