(A) (1) The Authority shall possess the power, subject to limitations of law and this subchapter, necessary to carry out its purposes and functions. It may acquire private property by purchase, lease, gift or devise, either within or without the downtown district, and may hold, manage, control, sell, exchange or lease such property.
(2) Provided, however, that the purchase, sale or lease of real property by the Authority shall be subject to the approval of the Village Council; provided, further, however, that the power of the Authority to purchase or lease property shall be subject to the limitations imposed by its budget.
(B) The Authority, at the time of organization, has no assets, real or personal.
(Ord. 110, passed 6-21-1979)