The purpose of this article is to allow the Redevelopment Authority, in conjunction with the Planning Commission, to carry out redevelopment financing independent of Articles XXX and XXXI of this Part 8. The primary intent of this article is to allow the redevelopment of property, buildings, and facilities in designated areas by the private sector with the assistance and oversight of the Authority. The provisions of this article may be applied to residential, commercial, or industrial development. It should be noted that the provisions of this article are primarily intended to prevent, not eliminate, blight. However, where this article can assist in eliminating blight, it may be so used.
Financial assistance may be given to residential, commercial, or industrial development projects only where such projects are permitted under the zoning requirements. For purposes of this article, commercial and industrial uses are considered appropriate if they are listed as permitted uses, special exception uses, or conditional uses in the zone in which the project is located. The financing of residential uses is not limited by zoning, but the compatibility of uses should be considered. The existence of an urban redevelopment program does not alter any requirements in place for a piece of land.
The Redevelopment Authority may, of its own volition or by request, create an urban redevelopment program for all or part of the City. The program shall contain documentation consisting of at least the following:
A. 
The geographic area covered by the program.
B. 
Whether the program is residential in nature or commercial and industrial. Programs cannot be both; however, the geographic boundaries of two or more programs may overlap, regardless of the type of each program.
C. 
The potential blighting effects of the current conditions in the program area.
D. 
A description of how the program will prevent the blighting effects from causing further deterioration or destabilization in the program area.
E. 
A business plan for the program, including the sources of funding.
F. 
A tentative list of potential projects within the program area.
Once the program documentation has been prepared, the Authority shall formally request the Planning Commission to review and approve the program as proposed. The Planning Commission shall have 45 days to approve, modify, or reject the program as presented. Failure of the Planning Commission to act within 45 days shall result in automatic approval on the 46th day.
Upon approval of a program, the Authority shall have full power and authority to carry out the provisions of the program within the scope of its powers and the context of this article. Individual projects shall be approved as outlined below.
Residential projects may be located anywhere in the City so long as proper approvals are obtained and may be financed to assist in any one of the following activities:
A. 
Purchase.
B. 
Rehabilitation.
C. 
Construction.
D. 
Demolition.
E. 
Equipping.
Commercial and industrial projects must be located in an area where they are allowed under zoning, and such project must by its nature have or offer reasonable likelihood of preventing, reversing, or slowing the deterioration of the program area. These projects may be financed for any one of the following activities:
A. 
Purchase.
B. 
Rehabilitation.
C. 
Construction.
D. 
Demolition.
E. 
Equipping.
The Authority may, on its own volition or by request, initiate a project to carry out the provisions of an urban redevelopment program. Projects shall be documented as to how they will further the goals of the program, how they are consistent with the Comprehensive Plan, and contain a financial plan so the Authority can ascertain the investment is sound. All projects shall be reviewed by the Planning Commission for consistency with the Comprehensive Plan and sound planning practice. The Commission shall have 45 days to review the project and make its recommendations to the Authority on the project.
Once the Planning Commission's comments are received, or after the 46th day, the Authority shall take whatever steps it deems are necessary to implement the project. Such action may include contracts, loans, mortgages, liens, or any other action.
A program and its related projects shall be reviewed at least every five years to ensure the program and its related projects are current. The Authority may alter any program or related project in compliance with all applicable law and the procedures contained in this article for passage of the same.
A program shall automatically expire at the end of 10 years from the approval of the Planning Commission, unless extended by a majority vote of the Authority and a majority vote of the Commission. A project commenced under a program may continue for as long as is negotiated at the start of the project; however, it may not be further extended once the program from which it is derived has expired.