§ 6. Notwithstanding any provision of this or any other article of
this constitution to the contrary, the legislature may by law authorize
a county, city, town or village, or combination thereof acting together,
to undertake the development of public improvements or services,
including the acquisition of land, for the purpose of redevelopment of
economically unproductive, blighted or deteriorated areas and, in
furtherance thereof, to contract indebtedness. Any such indebtedness
shall be contracted by any such county, city, town or village, or
combination thereof acting together, without the pledge of its faith and
credit, or the faith and credit of the state, for the payment of the
principal thereof and the interest thereon, and such indebtedness may be
paid without restriction as to the amount or relative amount of annual
installments. The amount of any indebtedness contracted under this
section may be excluded in ascertaining the power of such county, city,
town or village to contract indebtedness within the provisions of this
constitution relating thereto. Any county, city, town or village
contracting indebtedness pursuant to this section for redevelopment of
an economically unproductive, blighted or deteriorated area shall pledge
to the payment thereof that portion of the taxes raised by it on real
estate in such area which, in any year, is attributed to the increase in
value of taxable real estate resulting from such redevelopment. The
legislature may further authorize any county, city, town or village, or
combination thereof acting together, to carry out the powers and duties
conferred by this section by means of a public corporation created
therefor.