The Economic Redevelopment Authority is organized for the following purposes:
Financing, constructing and leasing local public improvements to the Commission
Financing and constructing additional improvements to local public improvements owned by the Authority and leasing them to the Commission
Acquiring all or a portion of one or more local public improvements from the Commission by purchase or lease and leasing these local public improvements back to the Commission with any additional improvements that may be made to them
Acquiring all or a portion of one or more local public improvements from the Commission by purchase or lease to fund or refund indebtedness incurred on account of those local public improvements to enable the Commission to make a savings in debt service or lease rental obligations or to obtain relief from covenants that the Commission considers to be unduly burdensome
Any other purposes permitted by the Act, including the issuance of bonds to finance local public improvements
The board is comprised of three members appointed by the Mayor.