(a) Findings.--The General Assembly encourages and supports economic growth and development throughout Pennsylvania. However, the General Assembly recognizes that, in many instances, transportation facilities and services are either not available or no longer adequate to support the industrial, commercial and residential growth and development of a specific area. With Federal aid on the decline, the available State and local funding capabilities cannot always keep up with the transportation needs of an area. This shortfall necessitates the creation of new means of financing transportation projects.

(b) Purpose.--The purpose of this act is to enable municipalities to cooperate with one another and with the private sector to provide funding for transportation projects in areas where economic growth and development has made the transportation facilities and services inadequate.

(c) Intent.--Since these transportation facilities and services will benefit existing as well as newly developed properties within the designated district, it is the intent of the General Assembly that each benefited property within the district, existing and newly developed property, be assessed a portion of the cost of the transportation project.