For the purpose of facilitating economic development and employment opportunities within the city, there is created the city economic development corporation (the “Corporation”) to exist under the authority of and for the purposes authorized by Chapter 300, Laws of 1981, as the same may be amended from time to time (“Chapter 300"). Such corporation shall operate under Chapter 300 and under the provisions of the Charter, on file with the city clerk-treasurer and by this reference incorporated in this chapter, which the city council is authorized to and does issue to the corporation and by the ordinance codified in this chapter is approved. The city council reserves the right in its discretion and at any time to alter or change the structure, organizational programs or activities of the corporation including dissolving the corporation if the contracts entered into by the corporation are not impaired. Any net earnings of the corporation beyond those necessary for the retirement of the indebtedness incurred by it shall not inure to the benefit of any person other than the city. Upon dissolution of the corporation, title to all property owned by the corporation shall vest in the city. (Ord. 1871 § 1, 1982)