It is determined and declared by the General Assembly that:(1) The deterioration of the central business districts of urban centers of the state is a threat to the property tax and other revenue sources of such municipalities;(2) Funds for the improvement and modernization of property and for the acquisition of property for the purpose of improvement and modernization of the property in such areas are in many instances unavailable from established lending institutions at reasonable rates of interest;(3) The public interest requires a convenient and reasonable source of permanent financing to enable the acquisition of property for the purpose of modernization and improvement and to enable property owners to make the needed improvements in conjunction with plans of improvement undertaken, or to be undertaken, by central business improvement districts created under the authority of §§ 14-184-101 - 14-184-130; and(4) Such improvements will: (A) Operate to eliminate and prevent urban blight and decay;(B) Provide for the modernization of properties within the central business districts thus improving the local tax structure, reducing crime and disease, and other hazards to persons and ht and decay;(B) Provide for the modernization of properties within the central business districts thus improving the local tax structure, reducing crime and disease, and other hazards to persons and property; and(C) Be of general public benefit.Acts 1975, No. 403, § 1; 1981, No. 474, § 6; 1985, No. 912, § 1; A.S.A. 1947, § 20-1625.
Arkansas Legal Code