(A) The city creates a redevelopment authority under the Act to be known as the Lawrenceburg Redevelopment Authority as a separate body corporate and politic and as an instrumentality of the city.
(B) The Authority is organized for the following purposes:
(1) Financing, constructing and leasing local public improvements to the Commission;
(2) Financing and constructing additional improvements to local public improvements owned by the Authority and leasing them to the Commission;
(3) Acquiring all or a portion of one or more local public improvements from the Commission by purchase or lease and leasing these local public improvements back to the Commission, with any additional improvements that may be made to them;
(4) Acquiring all or a portion of one or more local public improvements from the Commission by purchase or lease to fund or refund indebtedness incurred on account of those local public improvements to enable the Commission to make a savings in debt service obligations or lease rental obligations or to obtain relief from covenants that the Commission considers to be unduly burdensome; and
(5) Any other purpose permitted by the Act, including the issuance of bonds to finance local public improvements.
(C) The Board of Directors of the Authority shall be composed of three members who are residents of the city and shall be appointed by the Mayor for three year terms.
(Ord. 8-97, passed 7-7-97)