Explanation of SB 2968 Bill
This bill establishes the authority of a Board to manage and oversee projects and developments within the East Bank area. The Board has the power to execute contracts, hire individuals, retain contractors, and enforce compliance with rules and regulations. They can also own, buy, sell, lease, and develop properties without separate approval. The Board can accept grants, borrow money, issue bonds, and exercise various powers related to industrial development, housing, parking, and port authorities. The Board will be governed by a Director and members appointed by the Mayor and Metropolitan Council. They will conduct audits, prepare reports, and dissolve the Authority when its purpose is fulfilled. The Authority is not allowed to use eminent domain over property. The bill also allows for cooperation between the Authority and the Metropolitan Government for the purpose of project development.