Section 926. City of Syracuse industrial development agency

(a) For the
  benefit of  the  city  of  Syracuse  and  the  inhabitants  thereof,  an
  industrial  development  agency,  to  be  known  as the CITY OF SYRACUSE
  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  consist  of  five
  members  who shall be appointed by the mayor of the city of Syracuse and
  its chairman shall be designated by such mayor. 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. It shall  organize
  in  a manner prescribed by and be subject to the provisions of title one
  of article eighteen-A of this chapter. 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.
    (b)  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.