The City Commission hereby determines that it is necessary to form a Downtown Development Authority, for the best interests of the city to halt property value deterioration and increase property tax valuation where possible in the central business district of the city, to eliminate the causes for that economic and physical deterioration and to promote economic growth and development by establishing a Downtown Development Authority pursuant to Public Act 197, being M.C.L.A. §§ 125.1651 through 125.1680, as amended.
(1991 Code, § 1.212)