Berkeley Municipal Code Ch. 3.60 Industrial Development Authority

WHEREAS, there exist within the City of Berkeley economically distressed areas which may be benefited by efforts to prevent the loss of existing jobs and to create new jobs; and

Whereas, in the interest of the health, welfare and safety of the people of the City of Berkeley and of the state of California, it is necessary to provide an alternative method of financing certain facilities in order to prevent the loss of existing jobs in such City and to increase employment opportunities and otherwise contribute to the economic development of such City; and

Whereas, the California Industrial Development Financing Act, California Government Code Sections 91520, et seq. (the "Act"), has created in the City of Berkeley a public, corporate instrumentality of the state of California known as the Industrial Development Authority of the City of Berkeley, for the purpose of exercising powers granted by the act; and

Whereas, Section 91520 of the Act provides that said authority shall not transact any business or exercise any powers under the Act unless, by ordinance, this City Council declares that there is a need for such authority and that the authority shall function. (Ord. 5339-NS Preamble, 1981)

It is hereby found and declared that there is a need for the Industrial Development Authority of the City of Berkeley created by Section 91520 of the Act and that such authority shall function in the City of Berkeley, and said authority is hereby authorized to transact business and to exercise all powers permitted by law. (Ord. 5339-NS § 1, 1981)

Pursuant to Section 91520(b) of the Act, this chapter is subject to the provisions for referendum set forth in Sections 4051 through 4058 of the California Elections Code. (Ord. 5339-NS § 2, 1981)