It is found and declared that economically and socially depressed areas exist within
the City of Atlanta and that these areas contribute to or cause unemployment, create
an inordinate demand for public services, and, in general, have a deleterious effect
on the public health, safety, welfare, and morals. It is further found that these
areas are commonly characterized by no investment or underinvestment by private enterprise
in ventures which produce housing units, jobs, trade, provision of services, and other
economic activities which individually and together contribute to a healthy society.
This lack of private investment, economic activity, and housing activity contributes
materially to social and economic depression in such areas. Therefore, it is in the
public interest that incentives be provided to private enterprise to invest in such
areas by developing housing units, creating jobs and trade, providing services, and
by other economic activities. It is the purpose of this Act, therefore, to grant special
powers of tax abatement to the City of Atlanta to provide such incentives. It is the
intention of the General Assembly that this Act be liberally construed to carry out
such purpose.
(1988 Ga. Laws, page 4164, § 2)
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