It is found and declared that:
(1) Throughout the state of Rhode Island there are located numerous historic and industrial mill structures which over the past two (2) decades have experienced high vacancy rates and physical deterioration.
(2) Without added economic incentive, these structures are not viable for redevelopment and reuse by modern commercial and manufacturing enterprises and will continue their physical deterioration.
(3) The redevelopment and reuse of these historic industrial mill structures are of critical importance to the economic well-being of the state of Rhode Island and its towns and cities.
(4) The adoption of certain economic incentive measures will assist in stimulating the reuse and redevelopment of Rhode Island’s historic industrial mill structures, and will benefit the health, safety, welfare, and prosperity of the people of this state.