(A) There is established the city Downtown Development Authority No. 1 pursuant to Public Act 197 of 1975, as amended, being M.C.L.A. §§ 125.1651 - 125.1680.
(B) The boundaries of the Downtown District within which the Authority shall exercise its powers are designated.
(C) The Authority shall be under the support and control of a Board consisting of the Mayor of the city and 8 members who shall be appointed by the Mayor, subject to the approval of the City Council. Not less than 5 members of the Board shall have an interest in property located in the district, and at least 1 member of the Board shall be a resident in the district.
(D) The Authority shall have those powers as are now or may hereafter be conferred on authorities established under Public Act 197 of 1975, as amended, being M.C.L.A. §§ 125.1601 - 125.1680.
(E) The activities of the Authority shall be financed from 1 or more sources as may be authorized pursuant to Public Act 197 of 1975, as amended, being M.C.L.A. §§ 125.1601 - 125.1680.
(F) Upon completion of the purposes for which this Authority was organized, this Authority shall be dissolved by ordinance. All property and assets of the Authority remaining after the satisfaction of the obligations of the Authority shall belong to the city.