Section 4706.1 - Legislative findings; declaration of policyIt is hereby determined and declared as a matter of legislative finding:
(1) That the health, safety and general welfare of the people of the city of the first class are directly dependent upon the continual encouragement, development, growth and expansion of business, commerce and tourism.(2) That unemployment and the continuation and spread of poverty can be alleviated by the promotion, attraction, stimulation, development and expansion of business, commerce and tourism in cities of the first class.(3) That development of a major multipurpose sports and entertainment complex and accessory uses is most appropriate in a city of the first class, which, because of its size, is capable of retaining and supporting professional as well as amateur sports teams and attracting major national sporting, and musical and cultural events; and that attraction of business and tourism to a city of the first class as a result of the development of such a facility and its accessory uses will be an important factor in the continued encouragement, promotion, attraction, stimulation, development, growth and expansion of business, commerce and tourism within a city of the first class.(4) That the development of a multipurpose sports and entertainment complex will benefit the hotel and restaurant industries and related businesses whose livelihood is dependent thereon throughout the entire area where such facility is located.(5) That the development and promotion of a multipurpose sports and entertainment complex on public property in a city of the first class, which will provide significant benefits to the general public, will require the expenditure of substantial private funds.(6) That it is appropriate that in a city of the first class, a multipurpose sports and entertainment complex located on public property be exempt from real estate tax in recognition of its public purpose in promoting business, commerce and tourism and providing a location for professional and amateur sporting events and musical, cultural and entertainment events.(7) That to promote, encourage and enable the development on public property of a major multipurpose sports and entertainment complex to benefit the general welfare in a city of the first class, such a facility must be exempt from real estate tax in recognition of its public purpose.(8) That the development of a multipurpose sports and entertainment complex can benefit distressed or underdeveloped areas in the same community or in adjoining communities.1989, Dec. 21, P.L. 680, No. 88, § 1, imd. effective.