(A) The town hereby creates a redevelopment authority under I.C. 36-7-14.5 (the “Act”), to be known as the Redevelopment Authority, as a separate body corporate and politic and as an instrumentality of the town.
(B) The Authority is organized for the following purposes:
(1) Financing, constructing and leasing local public improvements to the Redevelopment Commission;
(2) Financing and constructing additional improvements to local public improvements owned by the Authority and leasing them to the Redevelopment Commission;
(3) Acquiring all or a portion of one or more local public improvements from the Redevelopment Commission by purchase or lease and leasing these local public improvements back to the Commission, with any additional improvements that may be made to them;
(4) Acquiring all or a portion of one or more local public improvements from the Redevelopment Commission by purchase or lease to fund or refund indebtedness incurred on account of those local public improvements to enable the Commission to make a savings in debt service obligations or lease rental obligations, or to obtain relief from covenants that the Commission considers to be unduly burdensome; and
(5) Any other purpose permitted by the Act, including the issuance of bonds to finance local public improvements.
(C) The Board of Directors of the Authority shall be composed of three members who are residents of the town and shall be appointed by the President of the Council for three-year terms.
(Ord. 11-89, passed 8-28-1989)