It is found and declared that in and around the city there are insufficient employment opportunities, insufficient diversification of industry, or insufficient abatement or control of pollution, which conditions are harmful to the health, prosperity, economic stability, and general welfare of the city, and if not remedied will be detrimental to the development of the city. It is further declared that the financing of economic development facilities and pollution control facilities for use by others in order to overcome the conditions is a public purpose. In addition to the existing executive departments of the city, there shall be created a Department of Economic Development, which shall be under the control of a board of five members, to be known as the "City Economic Development Commission." The City Economic Development Commission shall carry on its activities in conformance with the provision of IC 36-7-12, as from time to time amended and supplemented.
