The Corporation is organized pursuant to Act 338 of the Public Acts of 1974, as amended, to perform essential public purposes and functions of the city. Its purposes will be to alleviate and prevent conditions of unemployment, to assist and retain local industries and commercial enterprises in order to strengthen and revitalize the economy of the city and the state; to provide means and methods for the encouragement and assistance of industrial and commercial enterprises in locating and expanding in the city, to encourage the location and expansion of commercial enterprises to provide needed services and facilities to the city and the residents thereof, said to accomplish the foregoing to do the following:
(A) To construct, acquire by gift or purchase, reconstruct, improve, maintain, repair, acquire the necessary lands for the site for projects, which term shall hereinafter mean the following land and existing or planned improvements suitable for use by any industrial or commercial enterprise or a replacement housing project incidental thereto, and all necessary buildings or structures suitable for and intended for or incidental to use as an industrial or commercial enterprise, including a replacement housing project incidental thereto, and all necessary machinery, furnishings and equipment necessary, suitable, intended for or incidental to a commercial, industrial or residential use in connection with the buildings or structures.
(B) To acquire by gift or purchase the necessary machinery, furnishings and equipment for projects.
(C) To borrow money and issue its revenue bonds or revenue notes to finance part or all of the cost of the acquisition, purchase, construction, reconstruction or improvement of projects 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) To enter into leases, lease purchase agreements or installment sales contracts with any person, firm or corporation for the use or sale of projects.
(E) To mortgage projects in favor of any lender of money to the Corporation.
(F) To sell and convey projects or any part thereof for a price and at a time as the Corporation determines.
(G) To lend, grant, transfer or convey funds described in 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 these funds.
(H) In general, and subject to such limitations and conditions as are or may be prescribed by law, to exercise such other powers which now are or hereafter may be conferred by law upon a corporation organized by the city under the above statutes and for the above purposes.
(‘68 Code, § 2-1402) (Ord. 517, passed 7-18-77)