(A) In order to pursue the public purposes of the IC 36-7-14.5 (the “Act”), including, without limitation, financing local public improvements for lease to the Redevelopment Commission, the Common Council now desires to establish the Kokomo Redevelopment Authority.
(B) Pursuant to IC 36-7-14.5-7, the Kokomo Redevelopment Authority is hereby created as a separate body, corporate and politic, and as an instrumentality of the city for the purposes and to exercise the powers set forth in the Act or otherwise granted by law.
(C) The Redevelopment Authority shall be governed by a board of directors consisting of three members, each of whom shall be a resident of the city and appointed by the Mayor.
(Ord. 7129, passed 2-26-24)