I don't know how New Jersey (I presume that's where) sets it up, but creation of a redevelopment authority is often a first step in being able to use the other tools, including TIF's. But I suspect that since you are asking about regulatory tools, this may already have been done. I would just say that, to start, that none of the regulatory approaches to this problem stand alone very well, and that the local government has to be able to use financial tools in concert with them. It is almost always going to be necessary to use public funds for infrastructure improvements, for example. But the returns can be high. The one I was personally involved took a couple million in local funds (some of which came from grants) but resulted in a huge change in the area, that in turn resulted in new tax revenues from a formerly run down area.
Having said that, a community can sometimes use regulatory tools and incentives to make re-development happen. It depends on the specifics of the local zoning and the dynamics of the local land market. The examples I have heard about were all tailored quite specifically to the place. If the zoning doesn't allow land to be used intensively, a well-designed density bonus can help, especially if it is coupled with an effort to reduce the red tape and to be flexible (within well-specified bounds) about setbacks, etc. This can usually be accomplished through a well-designed PUD ordinance or amendment.