Except as specifically otherwise provided in this subchapter, the Authority shall have all powers provided by law, including but not limited to those set forth in Act 197 as amended, subject to the limitations imposed by law and herein. The Authority shall have the power to adopt a tax increment financing plan pursuant to §§ 14 through 18 of Act 197, being M.S.A. §§ 5.3010(14) through 5.3010(18), with such financing to provide that the captured assessed value subject to such tax increment financing plan shall be limited to such value as does not represent increases in valuation as a result of adjustments to the initial valuation due solely to changes in general economic conditions of the community. Absent an amendment to this subchapter, the Authority shall not have authority to levy an ad valorem tax as permitted by § 12 of Act 197, being M.S.A. § 5.3010(12).
(Ord. 180, passed 3-18-91)