(A) There shall be a Lake Crystal Economic Development Authority, which shall have the powers and duties given economic development authorities under M.S. §§ 469.090 through 469.108, as they may be amended from time to time. The term “Authority” in §§ 31.030 to 31.044 shall mean the Lake Crystal Economic Development Authority.
(B) The Authority shall carry out economic and industrial development and redevelopment within the city in accordance with the policies adopted by the City Council.