(A) Establishment and composition. An Economic Development Authority is hereby established. The Authority shall be composed of seven members, two of whom shall be members of the Council, who shall serve two-year terms.
(B) Powers and duties. It shall be the responsibility of the Economic Development Authority to carry out economic and industrial development and redevelopment within the city in accordance with general policies as may from time to time be established by the Council and pursuant to by-laws as may be adopted by the Authority with approval of the Council. The Authority shall have powers as may be permitted by M.S. §§ 469.070 through 469.108, as may be amended from time to time.
(Prior Code, § 2.31)