(A) General provisions.
(1) Purpose of Department. The Common Council of the city deems it to be in the best interest of the city and its citizens to afford a maximum opportunity for rehabilitation, redevelopment or economic development of areas by private enterprise by establishing a department of redevelopment.
(1998 Code, § 2-55)
(2) Department of Redevelopment and Commission established. The Common Council establishes the Department of Redevelopment of the city. The Department will be controlled by a board of five members known as the City Redevelopment Commission.
(1998 Code, § 2-56)
(3) Redevelopment District designated.
(a) Pursuant to the Act, all of the territory within the corporate boundaries of the city will be a taxing district to be known as the Redevelopment District of the city for the purpose of levying and collecting special benefit taxes for redevelopment purposes as provided in the Act.
(b) The Common Council finds and determines that all of the taxable property within this special taxing district will be considered to be benefitted by the redevelopment projects and economic development projects carried out under the Act to the extent of the special taxes levied under the Act.
(1998 Code, § 2-57)
(4) Commission memberships.
(a) The Common Council appoints two members of the City Redevelopment Commission.
(b) The remaining three members shall be appointed by the Mayor as the municipal executive.
(1998 Code, § 2-58)
(B) Redevelopment authority.
(1) The city hereby creates a redevelopment authority under the Act to be known as the City Redevelopment Authority ("Authority") as a separate body corporate and politic and as an instrumentality of the city.
(2) The Authority is organized for the following purposes:
(a) Financing, constructing and leasing local public improvements to the Commission;
(b) Financing and constructing additional improvements to local public improvements owned by the Authority and leasing them to the Commission;
(c) 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;
(d) 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 or lease rental obligations or to obtain relief from covenants that the Commission considers to be unduly burdensome; and
(e) Any other purposes by the Act, including the issuance of bonds to finance local public improvements.
(3) 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, from January 1 following their appointment.
(Ord. 682, passed 9-22-2003)