(b) For the benefit of the city of Mount Vernon and the inhabitants thereof, an industrial development agency, to be known as the CITY OF MOUNT VERNON INDUSTRIAL DEVELOPMENT AGENCY, is hereby established for the accomplishment of any or all of the purposes specified in title one of article eighteen-A of this chapter. It shall constitute a body corporate and politic, and be perpetual in duration. It shall have the powers and duties now or hereafter conferred by title one of article eighteen-A of this chapter upon industrial development agencies, except that the agency's power of condemnation shall not be exercised without prior approval of the city council of the city, and provided that the exercise of the powers by such agency with respect to the acquisition of real property, whether by purchase, condemnation or otherwise, shall be limited to the corporate limits of the city of Mount Vernon, and such agency shall take into consideration the local zoning and planning regulations as well as the regional and local comprehensive land use plans. It shall be organized in a manner prescribed by and be subject to the provisions of title one of article eighteen-A of this chapter, except that the members shall be appointed by the mayor of said city and shall serve at the pleasure of the mayor. The mayor shall designate the first chairman. Except as otherwise provided in this section, the agency, its members, officers and employees and its operations and activities shall in all respects be governed by the provisions of title one of article eighteen-A of this chapter.

(c) The city shall have the power to make, or contract to make grants or loans, including but not limited to grants or loans of money, to the agency in such amounts, upon such terms and conditions and for such period or periods of time as in the judgment of the city and the agency are necessary or appropriate for the accomplishment of any of the purposes of the agency. * NB Agency expires per §§ 856 and 882