The authority shall exercise such powers and perform such duties as provided by and in accordance with the provisions of Act 197. The authority shall prepare a development plan for the downtown district, and in furtherance thereof, may prepare and propose financing plans for the downtown district or a development plan within the downtown district. The authority shall obtain council approval of all development and financing plans. In furtherance thereof, the authority shall generally exercise all powers provided by Act 197 which, by way of illustration and not by way of limitation, are set forth as follows:
(1) To employ and affix the compensation of an executive director, subject to the approval of the city council. To employ and affix the compensation of a treasurer and secretary who shall carry out the duties prescribed by Section 5 of Act 197 and such other duties as assigned to them. To retain legal counsel to advise the board in the proper performance of its duties and to represent the authority in all actions brought by or against the authority, and to employ such other personnel as deemed necessary by the board.
(2) To study and analyze the economic factors taking place in the downtown district; to plan and propose the construction, renovation, repair, preservation, or reconstruction of a public facility, existing buildings, multiple-family dwelling units, which aid in the economic growth of the downtown district; to develop long range plans in cooperation with the planning commission, designed to halt the deterioration of property values in the downtown district and to promote the economic development of the district; to implement any plan of development in the downtown district, and in connection therewith to make and enter into contracts incidental to the exercise of its powers and the performance of its duties including contracts to acquire, by purchase or otherwise, lands, buildings, and personal property, to improve such property, and to fix, charge and collect fees, rents and charges for the use of any building or property under its control and to pledge the fees, rents and charges for the payment of revenue bonds issued by the authority all as more fully set forth at Section 7 of Act 197.
(3) To obtain financing for the activities of the authority from one or more of the sources as set forth in Section 11 of Act 197.
(4) To levy, with the approval of the city council, an ad valorem tax of not to exceed two mills on the non-exempt real and tangible personal property in the downtown district, and to request of the city council to borrow money and issue its tax anticipation notes therefore pursuant to the provisions of Section 12 of Act 197.
(5) To issue its revenue bonds or notes, with the approval of the city council, to finance all or part of the cost of acquiring or constructing property in the downtown district in connection with the implementation of a development plan all as set forth at Section 13A of Act 197. The city shall not be liable on any bonds or notes of the authority issued pursuant to this section and the bonds or notes shall not be a debt of the city.
(6) To prepare and recommend for approval by the city council a tax increment financing plan as provided in Sections 14, 15 and 16 of Act 197.
(7) The authority shall annually prepare and submit for approval by the council an annual budget for the operation of the authority for the ensuing fiscal year. The budget shall be prepared in the manner and contain the information required of municipal departments. Funds of the city shall not be included in the budget of the authority except those funds authorized by Act 197 or by the city council.
(Ord. No. 143, 5-3-2004)