(A) Creation. The Town Council hereby creates a redevelopment authority under the Act, to be known as the “Zionsville Redevelopment Authority” (“Authority”) as a separate body corporate and politic and as an instrumentality of the town.
(B) Purposes. The Authority is organized for the following purposes:
(1) Financing, constructing and leasing local public improvements to the Commission;
(2) Financing and constructing additional improvements to local public improvements owned by the Authority and leasing them to the Commission;
(3) Acquiring all or a portion of one or more local public improvements from the Commission by purchase or lease and leasing these local public improvements back to the Commission with any additional improvements that may be made to them;
(4) Acquiring all or a portion of one or more local public improvements from the Commission by purchase or lease to fund or refund indebtedness incurred on account of those local public improvements to enable the Commission to make a savings in debt service or lease rental obligations or to obtain relief from covenants that the Commission considers to be unduly burdensome; and
(5) Any other purposes permitted by the Act, including the issuance of bonds to finance local public improvements.
(1996 Code, § 3-13) (Ord. 2003-01, passed - -)