In order that the purpose of this chapter be accomplished, the City Council, or the City Manager or his or her designee if directed or delegated to by the City Council, is authorized to perform the following activities:
(A) Purchase, lease, obtain option upon, acquire by gift, grant, bequest, devise, or otherwise, any real or personal property, any interest in property, and any improvements on it, including repurchase of developed property previously owned by the city;
(B) Acquire real property by eminent domain if the acquisition of the real property is found by the City Council to be necessary for the economic development of the city;
(C) Dispose of real and personal property for fair market value, or for less than fair market value of the property so long as the disposition is found to aid in the purposes of this chapter;
(D) Provide for site preparation work, including but not limited to demolition, clearing, and hazardous substance remediation, for private developments;
(E) Insure, rent, manage, operate, repair, and clear real property owned by the city;
(F) Rehabilitate, alter, construct buildings on, or otherwise improve real property in anticipation of disposal or long-term lease of the property to a private or public entity;
(G) Acquire, demolish, repair, and replace buildings or other improvements damaged or destroyed due to a state or nationally declared emergency;
(H) Accept financial assistance from public or private sources for the purpose of engaging in economic development activities;
(I) Provide financial assistance in the form of grants, loans, payments of insurance premiums, tax rebates, or other assistance to assist in the attraction or retention of commercial and industrial activity in the city;
(J) Provide financial assistance in the form of grants, loans, payments of insurance premiums, tax rebates, or other assistance to assist in the attraction or retention of multi-family housing development to the city;
(K) Issue bonds or other forms of debt, consistent with the requirements of state law;
(L) Take such other action as the City Council finds necessary and appropriate to encourage economic development within the city for the purposes of this chapter.
(Ord. 5794, passed 2-27-12)