A. The Council finds and declares that it is necessary and essential to the well-being of the city that it provide financial assistance to promote the economic development of the city. Such economic development will serve the following public purposes and municipal affairs of the city:
1. The full and gainful employment of residents of the city;
2. The full and efficient utilization and modernization of existing industrial, commercial and business facilities;
3. The development of new industrial, commercial and business facilities;
4. The growth of the city's tax base through increased property values and consumer purchasing;
5. The reduction of the need for the costs of welfare and other remedial programs;
6. The reduction of urban ills, such as crime, attributable in part to inadequate economic opportunities;
7. The stability and diversification of the city's economy;
8. The lowering of the cost to city consumers of necessary goods and services;
9. The environmentally optimum disposition of waste materials of the city; and
10. The enhancement of the general economic prosperity, health, safety and welfare of the residents of the city.
B. The availability of the financial assistance authorized by this chapter will serve those purposes and the general plan of the city by providing private enterprises with new methods of financing capital outlays in the city and by ensuring that economic development within the city will reflect the local community's needs and objectives and will be environmentally optimum with respect to both the physical and social environment of the city. The city shall promote such public interests pursuant to this chapter without adversely affecting areas outside the city and without conflicting with efforts by the state of California to solve problems of statewide concern. (Prior code § 8105)