Chapter 13 — ECONOMIC DEVELOPMENT AUTHORITY

The City of Downey shall undertake economic development activities, including, but not limited to, those enumerated in this chapter, for the purpose of promoting the general health and welfare of the inhabitants of the City, job creation, improving market rate and affordable housing options, improving retail and commercial options, improving dining, entertainment and recreation options and improving the City's tax base thereby furthering the City's ability to enhance and provide municipal services to its residents. (Added by Ord. 1315, adopted 7-9-13)

In order that the purpose of this chapter be accomplished, the City Council, the City Manager, or designee, if directed or delegated to by the City Council, is authorized to perform the following activities:

• (a) Undertake the promotion of the City's natural resources, commercial and residential real estate value and housing options, retail and commercial options, and other attractions that generate interest in and visitation to the City via marketing activities including, but not limited to, branding campaigns, public outreach and special events;

• (b) Purchase, lease, obtain option upon(s), acquire by gift, grant, bequest, devise, or otherwise, any real or personal property, any interest in property, and any improvements on it, including repurchase of developed property previously owned by the City;

• (c) Acquire real property in any manner permitted by State law if the acquisition of the real property is found by the City Council to be necessary for the economic development of the City;

• (d) Dispose of real and personal property for fair market value, or for less than fair market value of the property so long as the disposition is found to aid in the purposes of this chapter;

• (e) Provide for site preparation work, including, but not limited to, demolition, clearing, and hazardous substance remediation, for public or private developments;

• (f) Undertake vigorous efforts to retain and attract businesses to the City, which may include, but is not limited to, assistance in the form of grants, loans, fee abatements, payments of insurance premiums, tax rebates for the purpose of attracting and retaining qualifying commercial, mixed-use, industrial or other suitable activity in the City;

• (g) Insure, rent, manage, operate, repair, and clear real property owned by the City;

• (h) Rehabilitate, alter, construct buildings on, or otherwise improve real property in anticipation of disposal or lease of the property to a private or public entity;

• (i) Acquire, demolish, repair, and replace buildings or other improvements damaged or destroyed due to a state or nationally declared emergency;

• (j) Seek and accept financial assistance from public or private sources for the purpose of engaging in economic development activities;

• (k) Provide financial assistance in the form of grants, loans, fee abatements, payments of insurance premiums, tax rebates, or other assistance to assist in the attraction or retention of multi-family housing development to the City;

• (l) Issue bonds and other forms of debt, consistent with the requirements of State law;

• (m) Allow for joint powers agreements with other governments and agencies to develop and fund regional economic development plans and activities;

• (n) Designate incremental funds received directly from economic development activity for reinvestment in further economic development activity;

• (o) Provide for the establishment of community benefit or other assessment districts to benefit the inhabitants of said communities or districts;

• (p) Take such other action as the City Council finds necessary and appropriate to encourage economic development within the City for the purposes of this chapter.

• (Added by Ord. 1315, adopted 7-9-13)