Section 904. Projects of the authority

1. The authority shall undertake
  projects as authorized in this section upon a finding by  the  governing
  body of the authority that such project:
    (a) is consistent with a local or regional strategic plan for economic
  development;
    (b)  will create or retain permanent, full-time private sector jobs in
  the service area or will result in a significant  increase  in  business
  activity in such area; and
    (c)  complements existing and planned private sector investment in the
  service area and in proximity to the proposed project site.
    2. The authority is authorized to apply  for  and  accept  funds  from
  local,  regional  and  state  economic  development  agencies and public
  authorities.
    3. If, at the end of five years, starting  from  the  date  that  this
  title  becomes effective, no projects have been adopted by the authority
  as determined by a public vote on such project, and  no  bonds  for  any
  project have been sold, this authority shall cease to exist.