§ 501.115. Specific Council powers.

(a)

In furtherance of the paramount public purposes of this Chapter 501, the Council shall have the following specific powers, as well as all other powers necessary or convenient to carry out and effectuate such paramount public purposes:

(1)

To make and execute financing agreements, contracts, deeds, and other instruments necessary or convenient in the exercise of the powers and functions of the City under this Part, including contracts with persons, firms, corporations, federal and state agencies, to facilitate the revitalization of any enterprise in the Enterprise Zone through concerted efforts of government and the private sector, including the financing, acquisition, construction, leasing, or sale of any project;

(2)

To acquire any property or portion thereof by purchase, lease, gift, or otherwise, or to obtain options for the acquisition of, any property, real or personal, improved or unimproved, for the construction, operation or maintenance of any project.

(3)

To provide for demolition and removal of buildings and other improvements.

(4)

To provide for the installation, construction, or reconstruction of streets, utilities, parks, playgrounds, parking facilities and other public improvements necessary for carrying out in the Enterprise Zone the objectives of the Enterprise Zone in accordance with the Strategic Plan.

(5)

To effect the sale, lease, exchange, transfer or other disposition of any real or personal property in the Enterprise Zone for less than fair market value for uses in accordance with the Strategic Plan.

(6)

To provide, or to arrange or contract for, the furnishing or repair by any person or agency, public or private, of services, privileges, works, streets, roads, public utilities, or other facilities for or in connection with the Strategic Plan.

(7)

To pledge or assign to secure revenue bonds any money, rents, charges, fees, or other revenues and any proceeds derived from public and private development and sales of property, insurance, and condemnation awards or otherwise received under financing agreements;

(8)

To issue revenue bonds of the City to finance all or any part of the cost of any project as described in this Chapter, payable from (i) revenues derived from sale, operation or leasing of any project or other payments received under financing agreements or other sources described in Section 501.115(a)(7) above, or (ii) any other legally available nonad valorem revenues of the City, or (iii) any combination of the foregoing;

(9)

To construct, acquire, own, repair, maintain, extend, improve, rehabilitate, renovate, furnish, and equip projects and to pay all or any part of the costs thereof from the proceeds of bonds or other indebtedness of the City or from any contribution, gift, donation, or other funds made available to the City for such purpose or from any tax revenues (subject to annual appropriation) or any legally available nonad valorem funds of the City;

(10)

To borrow money and to apply for and accept advances, loans, grants, contributions, and any other form of financial assistance from the federal government, the state, other public body and from any other sources, public or private, for the purposes of the Enterprise Zone, including projects and to give such security as may be required and to enter into and carry out contracts or agreements in connection therewith; and to include in any contract for financial assistance with the federal government for or with respect to Enterprise Zone activities such conditions imposed pursuant to federal laws as the City deems reasonable and appropriate.

(b)

As used in this Chapter, the following terms have the meanings set forth herein:

(1)

Cost, as applied to any project, shall embrace:

(A)

The cost of construction, renovation or rehabilitation;

(B)

The cost of acquisition of property, including rights in land and other property, both real and personal and improved and unimproved;

(C)

The cost of demolishing, removing, or relocating any buildings or structures on lands so acquired, including the cost of acquiring any lands to which such buildings or structures may be moved or relocated;

(D)

The cost of all machinery and equipment, financing charges, interest prior to and during construction, and, for a reasonable period after completion of construction, the cost of engineering and architectural surveys, plans, and specifications; and

(E)

The cost of consultant and legal services, other expenses necessary or incident to determining the feasibility or practicability of constructing such project, administrative and other expenses necessary or incident to the construction, renovation or rehabilitation of such project, and the financing of the construction renovation or rehabilitation thereof, including reimbursement to the City, to any state or other governmental agency or any lessee of such project for such expenditures made with the approval of the City that would be costs of the project hereunder had they been made directly by the City.

(2)

Financing agreement means any lease, lease-purchase agreement, lease with an option to purchase, sale or installment sale agreement, whether title passes in whole or in part at any time prior to, at, or after completion of the project, loan agreement, or other agreement forming the basis for financing indebtedness under this Chapter, including any agreements, guarantees, or security instruments forming part of or related to providing assurance of payment of indebtedness under such financing agreement.

(3)

Project means any capital project in furtherance of the purpose of the Enterprise Zone, located within the Enterprise Zone and found by the Council to be in furtherance of the Strategic Plan including residential development and office, health care, commercial and industrial activities related thereto, any rehabilitation, improvement, renovation or enlargement of, or any addition to, any buildings or structures, and including also the sites thereof and other rights in land therefor whether improved or reimproved, machinery, equipment, site preparation and landscaping, and all appurtenances and public facilities incidental thereto, such as utilities, roads, parks, playgrounds, or parking facilities.

(Ord. No. 2001-1099-E, § 2)