[Amended 9-1-2009]
The City Council declares that an Industrial Development Financing Authority is needed in the City of Chicopee and that unemployment or the threat thereof exists in the City of Chicopee or security against future unemployment and lack of business opportunity is required in the City and that unemployment or the threat thereof can be alleviated or the security against future unemployment and lack of business opportunity can be provided by attracting new industry to the City or substantially expanding industry existing in the City through an industrial development project or projects financed under Chapter 772 of the Acts of 1967. The Council determines that there is a need for such an authority, and, in making this determination, the Council has taken into consideration the City's ability to adjust to any expected increase in the demand for municipal facilities and services as a result of the expected increase in employment and business activity from such industrial development.