In its capacity as an advisory board to the City Council, the Commission is hereby authorized to exercise the powers listed below for the purpose of promoting the economic development and redevelopment of businesses and property within the Central Business District of the city:
(A) To manage the special service area taxing district(s) within the boundaries as identified in Exhibit A (attached to the ordinance codified herein), including determination of continuation, expansion and purpose of the district;
(B) To collect data, prepare informational material, develop plans and evaluate proposals relating to development activities within the special service area;
(C) To advise the city of the use eminent domain within the special service area;
(D) To acquire, sell, lease, trade, manage or improve real property in connection with development projects;
(E) To support the application of grants for projects within the Central Business District;
(F) To enter into contracts with any public or private agency or person for the purpose of implementing a development proposal;
(G) To employ such persons as may be necessary for planning, administering and implementing development/marketing projects;
(H) To develop and carry out a downtown master plan in accordance with the city’s Comprehensive Plan;
(I) Develop and maintain a marketing package to encourage residential and commercial growth and redevelopment in the Central Business District;
(J) To borrow, and issue revenue bonds with consent of the City Council;
(K) To expend funds for the purpose of implementing plans and programs approved and adopted by the Commission; and
(L) Adopt an annual budget with the City Council approval.
(1960 Code, § 9-2-6) (Ord. 5035, passed 3-1-1993; Ord. 7429, passed 9-7-2010)