An Economic Development Authority for the city is established. The name of the Authority shall be the City Economic Development Authority (which may sometimes be referred to as the EDA or the Authority), and its governing body shall be called the Board of Commissioners (the Board). The Board shall be the body responsible for the general governance of the Authority and shall conduct its official business at meetings thereof. The Authority shall be the city economic development agency as authorized by M.S. Ch. 469, as it may be amended from time to time, with specific powers and obligations to promote and to provide incentives for economic development.
(1997 Code, § 13.01)