The Economic Development Corporation shall:
(a) Construct, acquire by gift or purchase, reconstruct, improve, maintain, or repair projects and acquire the necessary lands for the site therefor.
(b) Acquire by gift or purchase the necessary machinery, furnishings, and equipment for a project.
(c) Borrow money and issue its bonds or notes to finance part or all of the cost of the acquisition, purchase, construction, reconstruction, or improvement of a project or any part thereof, the cost of the acquisition and improvement of the necessary sites therefor, the acquisition of machinery, furnishings, and equipment therefor, and the costs necessary or incidental to the borrowing of money and issuing of bonds or notes for such purpose.
(d) Enter into leases, lease purchase agreements, or installment sales contracts with any person, firm or corporation for the use or sale of the project.
(e) Mortgage the project in favor of any lender of money to the Corporation.
(f) Sell and convey the project or any part thereof for a price and at a time as the Corporation determines.
(g) Lend, grant, transfer, or convey funds, received pursuant to Section 27 of Act 338 of the Public Acts of 1974, as amended, as permitted by law, but subject to applicable restrictions affecting the use of those funds.
(h) Assist and participate in the designation of the land area which will be acquired in the implementation of a project.
(i) Prepare, assist and aid in the preparation of plans, services, studies and recommendations relative to the public purposes of the Corporation and secure approval of the same by the affected municipalities.
(j) Encourage citizen participation and assistance in industrial and commercial enterprises, housing and community improvements and disseminate information to the general public concerning the purposes and objectives of the Corporation.
(k) Aid, assist and participate in the acquisition, rehabilitation or construction of industrial and commercial improvements, dwelling units or other structures or matters incidental thereto.
(l) Hold, demolish, repair, alter and improve or otherwise develop, clear, and dispose of real property.
(m) Enter into agreements and contracts with and accept grants from any State or Federal agency or department, its political subdivisions and agencies or departments thereof, or any other official public body and any individual, corporation or other organization in connection with the purpose of the Corporation, subject to applicable laws and regulations.
(n) Accept, hold, own and acquire by bequest, devise, gift, purchase or lease any property, real or mixed, whether tangible or intangible, without limitation as to kind, amount or value.
(o) Sell, convey, lease, rent, and mortgage any such property, or any interest therein or proceeds therefrom, and invest and reinvest the principal thereof and receipts therefrom, if any, subject to applicable laws and regulations.
(p) In general, and subject to such limitations and conditions as are or may be prescribed by law, exercise such other powers which now are or hereafter may be conferred by law upon a corporation organized pursuant to Act 338 of the Public Acts of 1974, as amended, and for the foregoing purposes.
(Ord. 254. Passed 3-27-78.)