Section 29-4-306 - Action on setting up of authority(1) When the planning commission has completed its report on a suggested development plan for a proposed area and has presented the same to the city council of a municipality, such city council, if it deems the suggested plan desirable in whole or in part, by ordinance, may proceed to take the following steps, but the enumeration of such steps shall not be exclusive and shall not prevent the city council from taking the following steps: (a) Define the area by adopting in whole or in part or modifying the area outlined in the suggested plan;(b) Adopt the suggested plan, with such modifications as the city council determines, and make it the development plan for the area;(c) Set up an authority for the area and provide for the number of persons who shall constitute the authority and for the method of appointment and term thereof, including the filling of vacancies. The members of the authority may be either regular officials of the municipality or private persons; and in the case of private persons, the city council shall fix the compensation, if any, they are to receive.(d) Give the authority a name which shall include the words "rehabilitation authority" with some other word or words descriptive of the area (that is, each authority shall be designated the ".............. Rehabilitation Authority"), filling in the blank space by the appropriate designation.(2) Any such authority has the power, in the name of the municipality, to institute and defend all litigation affecting its powers and duties or in relation to the area and the property and rights connected therewith or incidental thereto and also has and may exercise the power of eminent domain on behalf of the municipality in the acquisition of real property in the area.L. 45: p. 619, § 6. CSA: C. 82, § 67. CRS 53: § 69-4-6. C.R.S. 1963: § 69-4-6.