(A) The Authority may borrow money on its own credit, acquire, retain, and develop land by contract, lease, purchase, gift or otherwise, any real or personal property necessary for establishing industrial sites and development.
(B) The Authority may pledge the industrial sites or parks as security for moneys borrowed.
(C) The Authority may sell or convey any or all land owned or optioned by it to any public or private organization or industry for purpose of constructing and/or operating any industrial or commercial facility. Such sale or conveyance shall not be made until such industrial organization executes a written contract with the Authority providing that, if no actual construction of an industrial facility is commenced within two (2) years, the organization or industry shall reconvey the land, free and clear of liens and encumbrances, to the Authority, and the Authority shall return to the organization or industry ninety-five percent (95%) of the purchase price.
(Ord. 95-24, passed 9-26-95)