§ 904. Projects of the authority. 1. The authority shall undertake
projects as authorized in this section upon a finding by the governing
body of the authority that such project:

(a) is consistent with a local or regional strategic plan for economic
development;

(b) will create or retain permanent, full-time private sector jobs in
the service area or will result in a significant increase in business
activity in such area; and

(c) complements existing and planned private sector investment in the
service area and in proximity to the proposed project site.

2. The authority is authorized to apply for and accept funds from
local, regional and state economic development agencies and public
authorities.

3. If, at the end of five years, starting from the date that this
title becomes effective, no projects have been adopted by the authority
as determined by a public vote on such project, and no bonds for any
project have been sold, this authority shall cease to exist.