Arizona Revised Statutes Title 9. Cities and Towns § 9-441.02. Powers of municipalities

1. Enter into contracts or leases with developers of housing development projects containing covenants, restrictions and conditions regarding the use of the property for residential purposes.

2. Finance or refinance, by loan, grant, lease or otherwise contract with private developers to, construct, purchase, acquire, own, modify, maintain, improve, sell, operate, develop or manage housing development projects, and pay the costs of any housing development project from the proceeds of bonds or other obligations of the municipality or any other monies of the municipality, or from any contributions or loans by persons, corporations, partnerships or other entities, all of which the municipality is authorized to receive, accept and use.

3. Encourage and promote the improvement and revitalization of a housing development area and make, contract for or otherwise cause to be made long-range proposals for the housing development area.

4. Enter into contracts necessary to effectuate the purposes of this article.

5. Do all things necessary or convenient to carry out the powers conferred by this article, except acquire real property by eminent domain for the purpose of this article unless a property owner voluntarily offers the property owner's real property for sale.