A Local Development Finance Authority may be established by the city council pursuant to Public Act 281 of 1986 (MCL 125.2151 et seq.) to operate for and on behalf of the city and in cooperation with the city council to provide a means to eliminate the causes of unemployment, underemployment and joblessness, to promote economic growth, and to stabilize and strengthen the tax base.
(Ord. No. 143, 5-3-2004)