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ordinance; the Lake Crook Planned Development District ordinance; the downtown redevelopment plan; the Retail Economic Development Policy, the Tax Abatement Policy, and any and all other adopted economic development plans and policies of the city and the PEDC; and any extant city infrastructure development plans and programs. 3. The board shall develop and maintain, and recommend adoption by the city council of, an overall economic development plan that shall include and set forth both long- and short-term goals and objectives the board deems necessary to implement the city's overall economic development plan and vision. 4. The board may, from time to time, recommend to the city council new or revised policies and procedures for the city in the conduct of its economic development activities. 5. When in its opinion the board determines that the acquisition of certain real or personal property, including land and facilities, would aid in economic development activities, it shall make appropriate recommendations to the city staff and council. 6. The board may solicit, for the city, gifts, revenues, bequests, or endowments of money or property as donations or grants from persons, firms or corporations, subject to the guidance, approval, and acceptance by the city council. 7. The board shall review all requests and proposals for economic development agreements, grants, property tax abatements, subsidies, sales tax rebates, loans, reduced or waived permit fees, utility construction, road improvements, pedestrian improvements, lighting improvements, turn lanes, bond or other debt financing, and HOT rebates and/or financing; and make recommendations thereon to staff and or the city council. 8. Board consideration of economic development proposals shall be made in accordance with the following criteria: • Impacts the city's costs and ability to provide existing and expanded municipal services; • Impacts the local environment, housing market, and available infrastructure; • Offers potential for long-term payback in tax revenues for the city's participation; and • Likely stimulates other desirable economic development within the city. • In addition, priority shall be given to: • Businesses that directly or indirectly introduce new capital into the local economy from outside the city. • Highly unique or specialized businesses that draw from an unusually large trade area, thereby bringing new capital into the local economy. • Expansions of existing businesses that meet the above objectives. 9. The board shall develop, for the city council's review and approval, rules and regulations as may be prescribed for the conduct of the board's business. 10. The board may, from time to time, divide itself into subcommittees of less than a quorum to study and report back on certain projects or proposals. 11. The board, through its chairperson, shall make both an oral and written report annually to the city council concerning its activities during the past year and its proposals for the coming year.