The purpose of this chapter is to establish the urban renewal agency of the city as an operating agency exercising the powers granted to such an agency by Oregon Revised Statutes chapter 457. Oregon Revised Statutes 457.035 creates a public body corporate and politic in each municipality (defined as any county or city in the state) to be known as the urban renewal agency of the municipality. The urban renewal agency cannot exercise its powers until or unless the governing body of the municipality declares that blighted areas (as defined in Oregon Revised Statutes 457.010[1]) exist in the municipality and that there is a need for an urban renewal agency to function in the municipality; and the governing body elects to have the powers exercised in one of the ways provided in Oregon Revised Statutes 457.045. (Ord. 604, 2-7-2001)