(1) The Commonwealth has provided grant and loan funds to a variety of economic development agencies, all for the purpose of assisting these agencies in their efforts to promote the general welfare of this Commonwealth by encouraging economic development and industrial redevelopment throughout this Commonwealth.

(2) Economic development agencies acquire title to industrial property for financing purposes only and lease or sell the same to industrial occupants who have sole possession of the facilities for an amount of rent or installment payments pursuant to an installment sale contract which is determined solely on a basis of meeting the costs of the financing and other costs associated with ownership unrelated to profit.

(3) Economic development agencies acquire possession of these industrial sites from time to time when the industrial occupant defaults under its obligations to the agencies under its lease or installment sales agreements.

(4) Economic development agencies also acquire industrial property either for the purpose of financing or redevelopment but without a motive for profit or to occupy the property for their own industrial operations.

(5) Economic development agencies are reluctant to acquire title to or other interests in property whether for financing or redevelopment purposes or to secure repayment of obligations unless the economic development agencies are protected from liability for environmental contamination on those sites they seek to assist to develop.

(6) The taking of legal title and any foreclosure or retaking of possession of property by an industrial development agency, area loan organization or industrial and commercial development authority is pursuant to the following acts:

(7) The maximum level of economic development and business opportunity and employment and the elimination or prevention of abandoned industrial and commercial property and Federal Government or military lands which can best be provided by the promotion, attraction, stimulation, rehabilitation and revitalization of all types of industry, commerce, manufacturing and business development within this Commonwealth.

(8) To continue and further the stimulation of business opportunities and economic development within this Commonwealth and thereby cause the reuse and rehabilitation of industrial and commercial property, it is necessary to ensure various means of financing to promote economic growth and the availability of fiduciary services to persons within this Commonwealth.

(9) Lenders are reluctant to provide funding for business opportunities and economic development, and fiduciaries are reluctant to provide services to persons with environmental problems, because of catastrophic risks of environmental liability and remediation costs under environmental laws relating to releases and contamination which were not caused by lenders and fiduciaries.

(10) When borrowers default on loans, lenders are reluctant to foreclose upon commercial property with environmental problems because lenders may be forced to assume costly environmental liabilities; thus, commercial property is being abandoned in this Commonwealth and new businesses are unable to obtain financing to purchase such properties.

(11) Family businesses are unable to establish trusts to convey their business interests to the next generation, and other businesses are unable to receive retirement, investment and other trust services from fiduciaries, when fiduciaries in their personal or individual capacities may be held liable for environmental contamination caused by other persons merely by virtue of owning property in their trustee capacities and providing fiduciary services.

(12) In order to continue to stimulate growth and continue the use or reuse of industrial and commercial property, it is necessary to provide protection to lenders, fiduciaries and economic development agencies from environmental liability and remediation costs under environmental laws for releases and contamination caused by others.

(13) Environmental liability for lenders, fiduciaries and economic development agencies shall be limited in scope as specifically provided in this act, and this act shall be interpreted as broadly as possible in order to preempt any laws, regulations or ordinances imposing environmental liability on such persons in order to promote economic development.