The urban renewal agency of the city may be known as the Clatskanie development agency. Such agency shall meet under the direction of the mayor of the city within thirty (30) days from the effective date of this chapter to make provision for meetings and to establish rules and regulations to govern its procedures. Such agency may delegate such duties and responsibilities as it may deem proper, prepare a budget and establish financial procedures, enter into contracts and do all other things necessary to carry out the powers granted to it by Oregon Revised Statutes chapter 457. Such powers shall be exercised in accordance with and subject to Oregon Revised Statutes chapter 457 and other applicable laws. (Ord. 604, 2-7-2001)