Same—Powers and duties

(a)

The board, subject to the provisions of this article, and subject to other applicable provisions of law, shall have all powers customarily vested in the board of directors of a corporation for profit. It shall exercise supervisory control over the activities of the executive director and the staff of the downtown development authority in carrying out the functions authorized by this article.

(b)

It shall be the duty of the board, and it shall have the power, to do the following:

(1)

Appoint an executive director; prescribe his/her duties; and fix his/her compensation, which shall be paid from funds available to the authority. The staff members shall be employed by the executive director, and shall have no civil service rights or privileges.

(2)

Prepare an analysis of economic changes taking place in the central business district of the city.

(3)

Study and analyze the impact of metropolitan growth upon the central business district.

(4)

Plan and propose, within the downtown area, public improvements of all kinds, including renovation, repair, remodeling, reconstruction or other changes in existing buildings which may be necessary or appropriate to the execution of any such plan which in the opinion of the board will aid in the economic growth of the downtown area.

(5)

To implement as provided in this article any plan of development in the downtown area as shall be necessary to carry out its functions, except that when funds are required the approval of the city commission is required.

(6)

In cooperation with the planning advisory board and zoning board of the city and the planning department of the city, develop long range plans designed to halt the deterioration of property values in the central business district, and take such steps as may be necessary to persuade property owners to implement such plans to the fullest extent possible.

(7)

Retain and fix the compensation of legal counsel to advise the board in the proper performance of its duties. The general counsel of the downtown development authority as authorized in this article shall be a practicing attorney at law admitted to the practice of law in the state. He/she shall represent the authority in all suits or actions brought by or against the authority involving the jurisdiction, power, duties, functions or activities of the authority, or of the city, under the terms of this article.

(8)

To make and enter into all contracts necessary or incidental to the exercise of its powers and the performance of its duties.

(9)

Borrow money on a short-term basis to pay expenses of operation following the assessment and levy and prior to collection of the tax herein authorized, and to issue evidences of indebtedness, such loans to be signed by the chairperson and the secretary of the authority. Prior to the issuance of evidence of indebtedness for such loans, the board shall first present the plan and need therefor and the commission of the city must approve such evidence of indebtedness by an appropriate resolution. The rate of interest to be paid by the authority on any such debt shall be the lowest rate of interest available not to exceed six percent per annum. The authority shall hold the city harmless with respect to any debt created hereunder.

(Code 1967, § 13-10; Ord. No. 8665, § 1, 6-21-77; Code 1980, § 14-30; Ord. No. 12905, § 2, 4-12-07; Ord. No. 13676, § 2, 4-27-17)