Legal Documents of Sweetwater

All jurisdiction over industrial property owned by the City of Sweetwater now vested in the mayor and board of commissioners is hereby transferred to and conferred upon the economic development board, provided that, any proposed purchases, leasing or other acquisition of property by the economic development board shall first be submitted to the mayor and board of commissioners for its specific approval, specifying its location, size, nature, suitability for proposed use, cost, proposed financing for the purchase, proposed cost for development and infrastructure, availability of third party financing or contributions and whether annexation is required. The economic development board is prohibited from making any appropriation or contracting any indebtedness which will exceed the amount specifically appropriated by general budget or expressly otherwise approved by the mayor and board of commissioners. The economic development board may propose economic incentives to the mayor and board of commissioners, but expressly has no authority to grant or promise the granting of the same without the specific prior approval of the mayor and board of commissioners. (as added by Ord. #771, June 2004)