(a) This chapter shall be known and may be cited and referred to as the "City of Lincoln Park Ordinance to Create a Downtown Development Authority," and hereinafter shall be referred to as "this chapter."
(b) In deliberation toward the adoption of this chapter, the City Council has found and determined the following: there is property value deterioration in the downtown development district of the City of Lincoln Park, hereinafter defined, and that it is necessary, and in the best interests of the public, to halt further property value deterioration in the downtown development district and to eliminate the causes of such deterioration, and that it is in the further interest of the public to promote economic growth in the downtown business district, as set forth below.
(Res. 95-155. Passed 3-13-95.)