It has been found and declared in the Urban Redevelopment Law that there exist in urban communities in this Commonwealth, areas which have become blighted; that such conditions are beyond remedy or control by regulatory processes and that the public interest requires the remedying of these conditions. It is hereby found and declared that the assistance herein provided for the remedying of the conditions set forth in the Urban Redevelopment Law constitutes a public use and purpose, and an essential governmental function for which public moneys may be spent, and that the provisions hereinafter enacted are necessary in the public interest.
35 P.S. § 1742