Community Development Corporation

Purposes

The corporation is organized exclusively for the purposes of benefiting and accomplishing public purposes of, and to act on behalf of the city, and the specific purposes for which the corporation is organized, and may issue bonds on behalf of the city, and expend the proceeds of any sales and use tax levied for the benefit of the corporation, and pay costs of projects, as now or hereafter defined in the act and governed by Section 48, including, but not limited to:

• Projects suitable for use for professional and amateur (including children's) sports, athletic, entertainment, tourist, convention, and public park purposes and events, including stadiums, ball parks, auditoriums, amphitheaters, concert halls, learning centers, parks and park facilities, open space improvements, municipal buildings, museums, exhibition facilities and related store, restaurant, concession, and automobile parking facilities, related area transportation facilities and related roads, streets, and water and sewer facilities
• Projects to promote or develop new or expanded business enterprises, including public safety facilities, streets and roads, drainage and related improvements, demolition of existing structures, general municipally owned improvements, as well as any related improvements or facilities, and any project determined by the Board of Directors to promote or develop new or expanded business enterprises; and to pay maintenance and operating costs of publicly owned and operated purchased and constructed under Section 48.

Membership

The seven members of the corporation are appointed by the City Council to serve two-year staggered terms. At least one but no more than four directors shall be persons who are city employees, city officers, or members of the Council. Members can be removed at the will of the Council.