The commission may exercise the following powers under this chapter provided, however, that in no event shall the commission encumber city funds or incur city debt or liability without prior city council approval; or take any final action under the provisions of the following subsections without approval of the city council.
(A) To construct, acquire by gift, lease or purchase, reconstruct, improve, better or extend, or to finance the construction acquisition, reconstruction, improvement, betterment, or extension of any industrial project within or without the municipality or partially within or partially without the municipality, but in no event further than ten (10) miles from the territorial boundaries of such municipality, and to acquire by gift, lease or purchase lands or rights in land in connection therewith.
(B) To rent, lease, sell or otherwise dispose of such industrial project.
(C) To enter into agreements or contracts with any individual, association, foundation, developer, private corporation, governmental agencies, or any form of joint ownership or venture or any type of real estate agreement containing covenants, restrictions and conditions regarding the use of such property for industrial and commercial and related purposes, in accordance with the planned project and such other covenants, restrictions and conditions as the commission may deem necessary to effectuate the purposes of this chapter.
(D) To make any of the covenants, restrictions and conditions of the foregoing contracts, covenants running with the land, and to provide appropriate remedies for any breach of any such covenants or conditions, including the right in the commission to terminate such contracts and any interest in the property created pursuant thereto.
(E) To apply for and accept advances, grants, contributions and any other form of financial assistance from the federal government, the state, county, city or other public body or from any sources, public or private, for the purposes of this law, and to enter into and carry out contracts in connection therewith.
(F) The commission, notwithstanding the provisions of any other ordinance, may include in any contract for financial assistance with the federal government for a project such conditions imposed pursuant to federal law as the commission may deem reasonable and appropriate and which are not inconsistent with the purpose of this chapter.
(G) To propose and to assist in the preparation of, designation of, or plans for economic development projects and to assist in the undertaking and carrying out of projects for economic development.
(H) To do all acts and things necessary or convenient for the promotion of its businesses and the general welfare of the commission; to carry out the powers granted to it by this chapter or any other ordinance.
(I) In all of the above, the departments and instrumentalities of the city are directed to cooperate with the commission consistent with their responsibilities under law, the general public interest, and the purposes of this chapter. (Ord. 709, 2-5-1990)