(A) The Commission shall be authorized to adopt such by-laws, rules and regulations as it may deem necessary for the proper conduct of its proceedings, the carrying out of its duties and the safe-guarding of the funds and property placed in its custody by this Act. Regular or special meetings shall be held at such time as it may determine and upon such notice as it may fix, either by resolution or in accordance with the provisions of the by-laws, rules and regulations adopted. A majority of the Commission shall constitute a quorum and the concurrence of a majority shall be necessary to authorize any action.
(B) It shall be the duty of the Commission to investigate, study and survey job opportunities, industrial diversification and economic stability, development and welfare of the town and to recommend action to improve and promote job opportunities, industrial diversification and economic stability, development and welfare of the town. The Commission shall report in writing to the Town Council at least once each year.
(C) In carrying out its duties, the Commission shall have the following powers:
(1) To acquire by purchase, gift, grant, condemnation or lease any real estate, interests in real estate or personal property needed for the purposes of this Act;
(2) To hold, use, sell, lease, rent or otherwise dispose of any property, real or personal, on such terms and conditions as the Commission shall determine to be for the best interests of the town and its inhabitants;
(3) To repair and maintain or to contract for the repair and maintenance of such existing structures or to substantially remodel, rebuild, enlarge or make major structural improvements on existing buildings;
(4) To appear either as an applicant, a petitioner, remonstrator or objector before any other department or agency of the town or any other governmental agency;
(5) To institute or defend in the name of the town any actions at law or in equity and to use any legal or equitable remedy necessary or deemed proper to protect and enforce the rights and perform the duties of said department of economic development;
(6) To exercise in the name of the town the power of eminent domain in the manner provided in Chapter 48 of the Acts of 1905, as now or hereafter amended;
(I.C. 32-11-1 et seq.)
(7) To appoint or employ no more than one clerical employee on either full-time or part-time basis and such other employees on a part-time basis as the Board may deem desirable to prescribe and define their duties and regulate the compensation to be paid to such person and to discharge such appointees or employees and appoint or employ their successors;
(8) To accept the use of such quarters as may be furnished by the town; also to purchase such equipment, records and supplies as shall be necessary to enable the Commission to perform its duties;
(9) To expend for and on behalf of the department, all or any part of any funds available to it for the purposes expressed in this Act;
(10) To have any other powers granted by the laws of the State of Indiana as described in Chapter 402 of the Acts of the State of Indiana adopted in 1965 by the General Assembly of the State of Indiana.
(I.C. 32-11-1 et seq.) (`77 Code, § 15.06)