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BACKGROUND <br /> The "Economic Priorities for 1984" proposes the formation of a Public <br /> Development Authority (PDA) to provide the community with a new economic <br /> development tool , which embraces both public and private development <br /> capabilities. This report provides a discussion of both the purpose and <br /> structure of the PDA now being proposed. <br /> Around 1963, the State was faced with a major problem: How to effectively use <br /> Federal , State and private funds for urban redevelopment with the severe <br /> limitations placed by our State Constitution. The solution developed by the <br /> State Legislature was an enabling law which allows cities to create public <br /> development authorities. These public development authorities have the power <br /> to purchase land , conduct feasibility studies and designs, finance projects, <br /> construct, rent, lease and sell property. In other words, they have virtually <br /> all the powers of a private corporation. But , they also have some unique <br /> powers, such as: being able to accept gifts of land from public agencies; <br /> using public funds, issuing tax free bonds and notes, and accepting federal <br /> grants. <br /> PROPOSAL <br /> The intent under this proposal is to create such a Public Development <br /> Authority for Everett. The Authority would be a permanent City—wide agency <br /> funded initially by both public and private contributions. The authority <br /> would be an implementation tool to help provide the City with a stable <br /> economic base, to provide new job opportunities, assist in revitilizing our <br /> commercial areas and protect the existing public and private investments in <br /> our City. The following is a brief outline of the major characteristics of <br /> the proposed agency: <br /> • The Authority would be funded , initially, through membership <br /> contributions from the private sector, the City, the Port of Everett <br /> and the Federal Government (Federal contribution is required by State <br /> law) . In the long term (four to five years) , it is intended that the <br /> authority would cover at least its own administrative costs using the <br /> return on its investments. <br />