17C-1-202 - Agency powers.
17C-1-202. Agency powers.
(1) A community development and renewal agency may:
(a) sue and be sued;
(b) enter into contracts generally;
(c) buy, obtain an option upon, or otherwise acquire any interest in real or personalproperty;
(d) sell, convey, grant, dispose of by gift, or otherwise dispose of any interest in real orpersonal property;
(e) enter into a lease agreement on real or personal property, either as lessee or lessor;
(f) provide for urban renewal, economic development, and community development asprovided in this title;
(g) receive tax increment as provided in this title;
(h) if disposing of or leasing land, retain controls or establish restrictions and covenantsrunning with the land consistent with the project area plan;
(i) accept financial or other assistance from any public or private source for the agency'sactivities, powers, and duties, and expend any funds so received for any of the purposes of thistitle;
(j) borrow money or accept financial or other assistance from the federal government, apublic entity, or any other source for any of the purposes of this title and comply with anyconditions of the loan or assistance;
(k) issue bonds to finance the undertaking of any urban renewal, economic development,or community development or for any of the agency's other purposes, including:
(i) reimbursing an advance made by the agency or by a public entity or the federalgovernment to the agency;
(ii) refunding bonds to pay or retire bonds previously issued by the agency; and
(iii) refunding bonds to pay or retire bonds previously issued by the community thatcreated the agency for expenses associated with an urban renewal, economic development, orcommunity development project; and
(l) transact other business and exercise all other powers provided for in this title.
(2) The establishment of controls or restrictions and covenants under Subsection (1)(h) isa public purpose.
Renumbered and Amended by Chapter 359, 2006 General Session