(a) That there currently exists in certain areas of the Commonwealth a critical condition of unemployment and that such condition may well exist, from time to time, in other areas of the Commonwealth;

(b) That in some areas of the Commonwealth such conditions are chronic and of long standing and that, without remedial measures, they may become so in other areas of the Commonwealth;

(c) That economic insecurity due to unemployment is a serious menace to the health, safety, morals and general welfare of not only the people of the affected areas but of the people of the entire Commonwealth;

(d) That involuntary unemployment and its resulting burden of indigency falls with crushing force upon the unemployed worker and ultimately upon the Commonwealth in the form of public assistance and unemployment compensation;

(e) That the absence of employment and business opportunities for the youth of such areas is a threat to the strength and permanence of their faith in our American political and economic institutions and the philosophy of freedom on which those institutions are based;

(f) That unemployment and the absence of new economic opportunities in such areas has caused thousands of workers and their families to migrate elsewhere to find work and establish homes, and that this exodus has tended to reduce the tax base of counties, cities, boroughs and other local governmental jurisdictions, and impair their financial ability to support education and other local governmental services;

(g) That security against unemployment and the resulting spread of indigency and economic stagnation in the areas affected can best be provided by the promotion, attraction, stimulation, rehabilitation and revitalization of commerce, industry and manufacturing in such areas;

(h) That the present and prospective health, safety, morals, right to gainful employment and general welfare of the people of the Commonwealth requires as a public purpose the promotion and development within areas of critical unemployment of new and expanded industrial and manufacturing enterprises;

(i) That the device under which private community industrial development organizations in Pennsylvania acquire or build industrial buildings with funds raised through popular subscription, mortgage borrowing or otherwise, for lease and sale to expanding industries has proven effective in creating new employment and business opportunities locally, is in accord with the American tradition of community initiative and enterprise, and requires and deserves encouragement and support from the Commonwealth, as a means toward alleviation of unemployment and chronic economic distress;

(j) That community industrial development corporations in Pennsylvania have themselves invested substantial funds in successful industrial development projects and experience difficulty in undertaking additional such projects by reason of the partial inadequacy of their own funds or funds potentially available from local subscription sources and by reason of limitations of local financial institutions in providing additional and sufficiently sizeable first mortgage loans;

(k) That there is a need to stimulate a larger flow of private investment funds from banks, investment houses, insurance companies and other financial institutions into such community industrial building programs in areas of chronic economic distress;

(l) That by increasing the number of community industrial building projects presenting attractive opportunities for private investment in such areas, a larger portion of the private capital available in Pennsylvania for investment can be put to use in the general economic development of the Commonwealth.

Therefore, it is hereby declared to be the policy of the Commonwealth of Pennsylvania to promote the health, safety, morals, right to gainful employment, business opportunities and general welfare of the inhabitants thereof by the creation of a body corporate and politic to be known as “The Pennsylvania Industrial Development Authority” which shall exist and operate for the public purpose of alleviating unemployment with its resulting spread of indigency and economic stagnation by the promotion and development of industrial and manufacturing enterprises and research and development facilities in those areas of the Commonwealth in which conditions of critical unemployment currently or may from time to time exist. Such purposes are hereby declared to be public purposes for which public money may be spent.