(1) It is hereby found and declared:
(a) That there exist in many communities in this Commonwealth slum areas and blighted areas (as defined by KRS 99.340) which constitute a serious and growing menace, are injurious and inimical to the public health, safety, and welfare of the people of the Commonwealth, and are beyond remedy and control solely by regulatory process in the exercise of the police power;
(b) That such areas contribute substantially and increasingly to the spread of disease and crime and necessitate excessive and disproportionate expenditures for the preservation of the public health and safety, for crime prevention, correction, prosecution, and punishment, and the treatment of juvenile delinquency, and for the maintenance of adequate police, fire, and accident protection and other public services and facilities;
(c) That this menace cannot be effectively dealt with by private enterprise without the aids in KRS 99.330 to 99.510; and (d) That the benefits which would result from eliminating slum conditions and conditions of blight will accrue to the inhabitants of the communities in which these conditions exist and to the inhabitants of this Commonwealth generally.
(2) It is hereby declared:
(a) That it is the policy of this Commonwealth to protect and promote the health, safety, and welfare of the people of the Commonwealth and particularly of the communities in which slum areas and blighted areas exist by the elimination of slum conditions and conditions of blight;
(b) That the elimination of such conditions and the preparation of the land in such areas for sale or lease for development or redevelopment constitute a public use and purpose for which public money may be expended and private property acquired and are governmental functions in the interest of the health, safety, and welfare of the people of the Commonwealth; and (c) That the necessity in the public interest for the provisions enacted in KRS 99.340 to 99.510 is hereby declared to be a legislative determination.