The Commission shall have the following powers to accomplish the purposes of this subchapter:
   (A)   To collect, hold, manage, control and use all funds appropriated and provided;
   (B)   To collect, hold, manage, control and use all proceeds, earnings and avails from the sale, lease, rental, conveyance or other disposition of any property held or acquired;
   (C)   To construct, acquire by gift or purchase, reconstruct, improve, better or extend any industrial project within or without the city or partially within and partially without the city and to acquire by gift or purchase lands or rights in lands in connection therewith, in the name of the city, which municipality will deal with, treat and otherwise perform all acts relative to that property;
   (D)   To develop an industrial park or parks and do, or cause to be done, all matters and things in connection therewith;
   (E)   To employ, with the consent of corporate authorities, personnel, agents, engineers and consultants, individual or corporate, as the Commission may deem necessary;
   (F)   To cause to be sold, leased, rented, conveyed, transferred, assigned or donated any property acquired by the Commission;
   (G)   To gather and disseminate information, tending thereby to promote the building of new enterprises within and without the city;
   (H)   To develop and promote cultural, educational, environmental and recreational facilities and programs for the benefit of the city area;
   (I)   To extend and improve communication and transportation networks and business and agricultural economies of the city area;
   (J)   To foster community pride in the people of the city area;
   (K)   To consider whatever matters are referred by the Mayor or City Council to the Commission;
   (L)   To exercise other powers and authority reasonably necessary to accomplish the purposes of this subchapter;
   (M)   To exercise powers enumerated in ILCS Ch. 65, Act 5 and expressly including the power to acquire, hold title to, develop and sell real estate to promote and enhance the purpose of the Industrial Project Revenue Bond Act, as amended, as set forth in ILCS Ch. 65, Act 5;
   (N)   To loan sums of money from the Development Fund of this Commission to industrial or commercial enterprises (which may include corporations, partnerships or individuals engaged in business or commerce);
   (O)   To borrow sums of money to finance, in whole or in part, the costs of acquisition, purchase, construction, reconstruction, improvement, betterment or extension of any industrial project; and
   (P)   To mortgage, grant security interest in, or pledge to the punctual payment of any indebtedness an interest thereon, the income and revenues to be received with respect to any property held or acquired (including improvements, betterments or extensions thereto, thereafter constructed or acquired) sufficient to pay indebtedness and interest when due and to create and maintain reasonable reserves therefor.
(1986 Code, § 2.14.080)  (Ord. 1252, passed - -1984)