The city may exercise the powers of eminent domain and declaration of taking in the performance of an authorized power of function of the city, in accordance with AS 09.55.240 through 09.55.460; provided, that the city may exercise the powers of eminent domain or declaration of taking to acquire property only if the city will own, or if the public will have the legal right to use, the property, and the city may not exercise the powers of eminent domain or declaration of taking to provide property for private economic development. The exercise of the power of eminent domain or declaration of taking shall be by resolution of the council. (Ord. 05-78 § 2, 2005; prior code § 7.08.010)