§ 45-37-1. Declaration of need and purpose.
It is declared that there is a need for the development of industrial, manufacturing, commercial, and warehouse facilities to insure the continued growth and prosperity of the state, and of the cities and towns within the state. It is the purpose of this chapter to provide the state and its cities and towns with the power to acquire title by gift to one or more industrial facilities and to lease or sell those facilities to any person, firm, partnership, or corporation, public or private, so as to furnish an additional means for the development of industrial facilities without the use of public funds. It is further declared that the acquisition of title to those facilities and the lease or sale of those facilities, as provided under this chapter, is a public purpose and shall be regarded as performing an essential governmental function in carrying out the provisions of this chapter. However, competition between communities in this state merely for the purpose of seeking relocation of industrial facilities located in this state is contrary to the policy of this chapter.
(P.L. 1965, ch. 198, § 1.)