(1) There exist in municipalities of this state slum, blighted, or deteriorated areas which constitute a serious and growing menace, injurious to the public health, safety, morals, and welfare of the residents of this state, and the findings and declarations heretofore made in § 14-169-601 with respect to slum and blighted areas are affirmed and restated;

(2) Certain slum, blighted, or deteriorated areas, or portions of them, may require acquisition and clearance, as provided in this subchapter, since the prevailing condition of decay may make impracticable the reclamation of the area by conservation or rehabilitation, but other areas or portions of them, through the means provided in this subchapter, may be susceptible of conservation or rehabilitation in such a manner that the conditions and evils hereinbefore enumerated may be eliminated, remedied, or prevented, and that such blighted areas can be conserved and rehabilitated through appropriate public action and the cooperation and voluntary action of the owners and tenants of property in such areas; and

(3) All powers conferred by this subchapter are for public uses and purposes for which public money may be expended and such other powers exercised, and the necessity in the public interest for the provisions of this subchapter is declared as a matter of legislative determination. A municipality, to the greatest extent it determines to be feasible in carrying out the provisions of this subchapter, shall afford maximum opportunity, consistent with the sound needs of the municipality as a whole, to the rehabilitation or redevelopment of areas by private enterprise.