There is hereby authorized the creation and establishment of a public agency to be known as “the city’s Development Authority”, which shall have the authority to promote, develop and advance the business, prosperity and economic welfare of the city; to encourage and assist through loans, investments or other business transactions in the locating of a new business and industry within the municipal boundaries of the city; to rehabilitate and assist existing businesses and industries within the municipal boundaries of the city; to stimulate and promote the expansion of all kinds of business and industrial activity which will tend to advance business and industrial development and maintain the economic stability of the city; provide maximum opportunities for employment, encourage thrift and improve the standard of living of the residents of the city; to cooperate and act in conjunction with other organizations, federal, state or local, in the promotion and advancement of industrial, commercial, agricultural and recreational developments within the city; and to furnish money and credit, land and industrial sites, technical assistance and such other aid as may be deemed requisite to approved and deserving applicants for the promotion, development and conduct of all kinds of business activity within the city.
(Prior Code, § 159.01) (Ord. 90-6, passed 10-2-1990)