The purpose of this article is to set forth the manner in which the City shall exercise all the power and authority to engage in community development activities granted to the City under the statutes of this state, including but not limited to, the Community Development Law set forth in Neb. Rev. Stat. §18-2101, et. seq. Pursuant to §18-2101.01 of that Act, the City hereby assumes all the power and authority granted to an urban renewal authority under said Act.