(A) Any contract necessary or incidental to the exercise of its powers set forth in § 177.022(A)(7) of this chapter shall require the approval of the City Council.
(B) Any expenditure of tax increment funds on a contract for the purchase, lease, construction, renovation, repair, remodeling, rehabilitation, restoration, preservation or reconstruction of a public facility, existing or new building, or a multiple-family dwelling unit or for professional consultation or services which in total is for an amount in excess of $100,000 shall require a public hearing to be held before City Council and the approval of the City Council prior to the expenditure of any TIF dollars.
(C) All expenditures of the Authority must authorized by the budget. Before the budget of the Authority may be adopted by the Board, it shall be approved by City Council.
(D) Any and all plans for development in the downtown development authority district necessary to achieve the purpose of this act shall be compatible with the master plan of the city, the master plan for central business district and any other city planning document adopted by the City Council applicable to the downtown development authority district.
(E) All proposals to purchase or lease property shall be presented to the Board and City Council with the complete information required by the master plan for strategic property purchases.
(F) Failure to adhere to the limitations set forth in this section shall be considered misconduct or malfeasance of office and be sufficient cause to remove a Board member under § 4(4) of the Act.
(Prior Code, § 28-34) (Ord. 1223-B, passed 4-4-2005)