The General Assembly finds and declares as follows:

(1) Residential decentralization in municipalities has been accompanied by an ever-increasing trend in the number of persons entering the business sections by private automobile and other types of motor vehicles.

(2) The free circulation of traffic of all kinds through the streets of municipalities is necessary for the health, safety and general welfare of the public, whether residing in or traveling to, through or from such municipalities in the course of lawful pursuits.

(3) The greatly increased use by the public of motor vehicles of all kinds has caused serious traffic congestion on the streets of municipalities.

(4) The parking or standing of motor vehicles of all kinds on the streets has contributed to this congestion to such an extent as to interfere seriously with the primary use of such streets for the movement of traffic.

(5) Parking or standing prevents the free circulation of traffic in, through and from the municipality; impedes rapid and effective fighting of fires and the disposition of police forces in the district; and endangers the health, safety and welfare of the general public.

(6) Parking or standing threatens irreparable loss in valuations of property in the municipality which can no longer be readily reached by vehicular traffic.

(7) This parking crisis, which threatens the welfare of the community, can be reduced by administering and enforcing an efficient system of on-street regulations and by providing sufficient off-street parking and parking terminal facilities properly located in the several residential, commercial and industrial areas of the municipality.

(8) The establishment of authorities will promote the public safety, convenience and welfare.

(9) It is intended that the authority cooperate with all existing parking and parking terminal facilities so that private enterprise and government may mutually provide adequate parking services for the convenience of the public.

(10) The safety and welfare of the inhabitants of this Commonwealth is promoted by the creation in municipalities of authorities which shall exist and operate for the purposes contained in this chapter. Such purposes are declared to be public uses for which public money may be spent, and private property may be acquired by the exercise of the power of eminent domain.