The city is recognized to have all powers pursuant to and as may be limited by the City Charter which are necessary or appropriate for carrying out the purposes of this chapter, including, without limitation, the following powers, together with all powers incidental thereto:
(A) To acquire property by purchase, exchange, gift, lease, contract or otherwise, including eminent domain;
(B) To maintain property;
(C) To dispose of property by lease, sale, exchange, donation, release, relinquishment or otherwise;
(D) With respect to property, to:
(1) Charge and collect rent under any lease;
(2) Sell at public or private sale, with or without public notice;
(3) Sell at a premium or discount above or below appraised value or for a nominal consideration;
(4) Sell on an installment payment or a conditional sales basis;
(5) Convey or provide for the transfer of, property without further act of the city, upon exercise of an option; and
(6) Sell at a fixed or formula price, and receive for any such sale the note or notes of a company and mortgages, deeds of trust or other security agreements respecting the property; however, this section shall be operable only to the extent permitted by the City Charter.
(E) To encumber property, including funds, whether then owned or thereafter acquired;
(F) To advance funds secured by loan agreements and charge and collect interest on the funds;
(G) To exercise all rights and to perform all obligations of the city under the project agreements and resolution of issuance, including the right, upon any event of default by or the failure to comply with any of the obligations thereof by the lessee, purchaser or other company thereunder to dispose of all or part of the property to the extent authorized by the project agreements or resolution of issuance;
(H) To borrow money and issue its bonds for the purpose of paving all or any part of the costs of a project, as provided in this chapter;
(I) To pledge the revenues or any portion thereof, and all other rights, as security for the payment of any bonds so issued and for performance of obligations under a resolution of issuance;
(J) To contract and pay compensation for professional, legal, financial and other services;
(K) To refund outstanding bonds when there is a finding that the refunding will be of benefit to a company or holders of the bonds, subject to the provisions of the proceedings for the issuance thereof to the extent permitted by law;
(L) To invest and reinvest funds, including bond proceeds, pending application thereof to the purposes for which the bonds shall have been issued, subject to the provisions of the proceedings for the issuance thereof;
(M) To acquire and hold obligations of any kind and pledge or assign the same as further security;
(N) To fund administration expenses:
(1) By the establishment and collection of application processing and other fees in such amounts as may be established by the Council from time to time;
(2) By the acceptance of funds and other aid from governmental sources authorized to provide such funds or aid;
(3) By the acceptance of contributions from business, trade, labor, community and other associations; and
(4) By other legal means.
(O) Loans; leases; installments:
(1) To make a loan and/or loans to a company pursuant to a resolution of issuance and a project agreement, and such loan or loans may be secured by a mortgage or such other security interests as deemed advisable by the city, may contain the unconditional promise of the company to so make payments or may be guaranteed by such other means as approved by the city;
(2) To lease facilities and/or property to a company with an option for the company to purchase such facilities and/or property at the end of the lease term at such price as may be determined by the city;
(3) To enter into lease-leaseback financings with companies on such terms as may be provided in the resolution of issuance and the project agreements; and
(4) To enter into installment sale agreements with a company for facilities constructed by the city, with title to pass from the city to such company upon entering into such agreement or upon payment in full of the principal and interest on bonds.
(P) To exercise the city’s right of eminent domain in implementing the intent of the city by adopting this chapter, to the extent possible and in the manner required in the City Charter and applicable state laws.
(1995 Code, § 12.04.040)